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How do make a cash budget for july and september

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Karim Corp. requires a minimum $8,500 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 July 1 is $8,900, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow.
       
                          July              August                 September

Cash receipts     $24,500     $32,500                  $40,500

Cash payments  28,750          30,500                 32,500

Problem 1: How do you make a cash budget for July, August, and September? (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: EM132736187

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