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Prepare cash budget for july and september

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Karim Corp. requires a minimum $9,800 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $10,200, 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           $25,800         $33,800            $41,800

Cash payments            30,700           31,800           33,800

Question 1: Prepare cash budget for July, August, and September.

Reference no: EM132543112

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