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Prepare a cash budget for july, august and september

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Karim Corp. requires a minimum $8,600 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 $9,000 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

$24,600   

$32,600   

$40,600   

Cash disbursements

$28,900   

$30,600   

$32,600   

Prepare a cash budget for July, August, and September.

Reference no: EM131822701

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