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Prepare a cash budget for July, August, and September

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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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