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Karim Corp. requires a minimum $9,500 cash balance. If necessary, loans are taken to meet this requirement at a cost of 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,900 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                       $ 25,500    $ 33,500    $ 41,500

Cash disbursements            30,250         31,500       33,500

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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940810

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