Karim Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost...
alle.k1Karim Corp. requires a minimum $8,000 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 $8,400 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) are:
| July | August | September | ||||
| Cash receipts | $ | 20,000 | $ | 26,000 | $ | 40,000 |
| Cash disbursements | 28,000 | 30,000 | 22,000 | |||
Prepare a cash budget for July, August, and September. |
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