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Make a cash budget for october and november

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Foyert Corp. requires a minimum $7,700 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $7,700 and the company has an outstanding loan of $3,700. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow.
                        October      November           December

Cash receipts       $23,700           $17,700        $21,700

Cash payments       26,550           16,700            14,300

Problem 1: How do you make a cash budget for October, November, and December? (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)

Reference no: EM132736179

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