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budget, Managerial Accounting

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You recently began a job as an accounting intern at Indoor Racing Ltd. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. Indoor Racing Ltd eliminates any cash deficiency by borrowing the exact amount needed from Caisse Populaire, where the current interest rate is 8%. Indoor Racing Ltd pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available.

Complete the following cash budget:

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