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Prepare a cash budget for july august and september

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Question - Karim Corp. requires a minimum $9,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9.400 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

$25,000

$33,000

$41,000

Cash disbursements

29,500

31,000

33,000

Prepare a cash budget for July, August and September.

Reference no: EM131596102

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