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Make a cash budget for July, August, and September

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Question - 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

Required - How do you make a cash budget for July, August, and September?

Reference no: EM132789087

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