A10 A company has a cash balance on June 1 of $9,520 and has no outstanding loans. The company requires a minimum $8,120 cashbalance at each month-end. Loans taken to keep this minimum balance require payment of 1% interest at each month-end. Anypreliminary cash balance of more than $8,120 at month-end is used to repay loans. Budgeted cash receipts (other than for loansreceived) and budgeted cash payments (other than for interest or loan payments) follow.Cash receipts (other than for loans received)Cash payments (other than for interest or loan payments)Beginning cash balanceAdd: Cash receiptsTotal cash availableAdd: Cash payments forInterest on loanCash paymentsTotal cash paymentsPreliminary cash balancePrepare a cash budget for June, July, and August.Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round final answers to thenearest whole dollar.Loan activityAdditional loan (loan repayment)Ending cash balanceLoan balance, Beginning of monthAdditional loan (loan repayment)Loan balance, End of monthCash Budget$$June$Loan balance$$9,520 $26,20035,720030,70030,7005,020$3,1008,120 $0 $orJuly8,120 $32,20040,3201432,21432,2288,092288,120June$ 26, 20030,700028August8,12034,20042,320July$ 34,20032,2000August$ 42,20034,200

The cash budget is prepared to record cash receipts and cash payments during the period. It helps to…

eliminary cash balance of more than $8,120 at month-end is used to repay loans. Budgeted cash receipts (other than for loar ceived) and budgeted cash payments (other than for interest or loan payments) follow. Cash receipts (other than for loans received) Cash payments (other than for interest or loan payments) eginning cash balance dd: Cash receipts otal cash available dd: Cash payments for Interest on loan Cash payments Total cash payments reliminary cash balance epare a cash budget for June, July, and August. te: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round final answers t earest whole dollar. Dan activity Additional loan (loan repayment) nding cash balance Dan balance, Beginning of month dditional loan (loan repayment) ban halance End of month Cash Budget $ $ June $ Loan balance $ S 9,520 $ 26.200 35,720 0 30,700 30,700 5,020 $ 3,100 8,120 $ 0 $ ol July 8,120 $ 32,200 40,320 14 32,214 32,228 8,092 28 8,120 June $ 26,200 30,700 0 28 August 8,120 34,200 42,320 July $ 34,200 32,200 0 August $ 42,200 34,200

eliminary cash balance of more than $8,120 at month-end is used to repay loans. Budgeted cash receipts (other than for loar ceived) and budgeted cash payments (other than for interest or loan payments) follow. Cash receipts (other than for loans received) Cash payments (other than for interest or loan payments) eginning cash balance dd: Cash receipts otal cash available dd: Cash payments for Interest on loan Cash payments Total cash payments reliminary cash balance epare a cash budget for June, July, and August. te: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round final answers t earest whole dollar. Dan activity Additional loan (loan repayment) nding cash balance Dan balance, Beginning of month dditional loan (loan repayment) ban halance End of month Cash Budget $ $ June $ Loan balance $ S 9,520 $ 26.200 35,720 0 30,700 30,700 5,020 $ 3,100 8,120 $ 0 $ ol July 8,120 $ 32,200 40,320 14 32,214 32,228 8,092 28 8,120 June $ 26,200 30,700 0 28 August 8,120 34,200 42,320 July $ 34,200 32,200 0 August $ 42,200 34,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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