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Calculate the total loan outstanding at the end of june

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Reference no: EM132775569

The following budget estimates have been prepared by Clifton Company:

          Cash Receipts             Cash Payments

May   $120,000                   $150,000

June  $110,300                    $150,000

The company likes to maintain a minimum cash balance of $40,000.

  • If additional cash is needed, the company has a line of credit at 12 percent interest with the local bank. Interest is paid monthly. Monthly loan interest incurred in the month will be paid on the first day of the following month.
  • Assume a cash balance on May 1 of $40,000.

Problem A. Prepare a cash budget for May and June.

Problem B Calculate the total loan outstanding at the end of June and total interest incurred for the two month period, May and June?

Reference no: EM132775569

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