Solution-Prepare a cash budget for July, August, and

Prepare a cash budget for July, August, and September

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Reference no: EM133053877

Question - Karim Corporation requires a minimum $8,600 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $8,600 is used to repay loans at month-end. The cash balance on July 1 is $9,000, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow.

	July	August	September
Cash receipts	$24,600	$32,600	$40,600
Cash payments	28,900	30,600	32,600

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

Reference no: EM133053877

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Prepare a cash budget for July, August, and September

Reference no: EM133053877

Reference no: EM133053877

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