(Answered) Question - karim corp requires a minimum 8400 cash balance

Accounting

Question - Karim Corp. requires a minimum $8,400 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 $8,800 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	$24,400	$32,400	$40,400
Cash disbursements	28,600	30,400	32,400

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

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