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Make a cash budget for October, November, and December

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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?

Reference no: EM132796275

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