Prepare a cash budget for october

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Reference no: EM133588191

Question: Foyert Corporation requires a minimum $6,500 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $6,500 is used to repay loans at month-end. The cash balance on October 1 is $6,500, and the company has an outstanding loan of $2,500. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. October November December Cash receipts $ 22,500 $ 16,500 $ 20,500 Cash payments 24,750 15,500 15,500 Prepare 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: EM133588191

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