Kasik co budgeted the following cash receipts and cash

Reference no: EM13579794

Kasik Co. budgeted the following cash receipts and cash disbursements for the first three months of next year:According to a credit agreement with the company%u2019s bank, Kasik promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1.

Prepare monthly cash budgets for each of the first three months of next year.How was the march beginning balance calculated?

Reference no: EM13579794

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