Homework Answers
The amount of int. paid on July 1 would be:
Ans: (B) $580
Explanation:
| Beginning Cash Balance | $ 10000 |
| Add: Cash Receipts | $ 542000 |
| Less: Cash payment | ($560000) |
| Ending balance | -$8000 |
| Desired ending balance | 50000 |
| Borrowing from bank (8000 + 50000) | $58000 |
Interest on borrowing amount per month:
= $58000 × 1%
= $580
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payments for loan principal and interest payments) for the first
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Cash
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payments
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March
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Kayak Co budgeted the following cash receipts (excluding cash receipts from loans received and cash payments...
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Kayak Co. budgeted the following cash receipts (excluding cash
receipts from loans received) and cash payments (excluding cash
payments for loan principal and interest payments) for the first
three months of next year.
Cash
Receipts
Cash
payments
January
$
527,000
$
473,800
February
410,000
356,800
March
467,000
528,000
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minimum cash balance of $50,000 at each month-end. In return, the
bank has agreed that the company can borrow up to...
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Kayak Co budgeted the following cash receipts (excluding cash receipts from loans received and cash payments excluding cash payments for loan principal and interest payments for the first three months of next year payments Becelts $519.000 401.500 459.000 February 355.400 521.000 According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $40,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at a monthly...
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