Complete the cash payments and cash budget

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Cashcow has an arrangement with its bank in which the minimum cash balance in its account is $10,000. If the balance falls below $10,000, a short term loan is automatically arranged. Interest is charged on the loan at a rate of 9% per year, and is calculated monthly and paid in the mouth after the loan is taken. The opening cash balance for January was $10,000. There was a short term bank loan owing on December 31 of $1,000. The cash receipts budget is complete. Complete the cash payments and cash budget for January to May.

Reference no: EM133165697

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