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Question - 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
Required - How do you make a cash budget for October, November, and December?
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