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Make a cash budget for July, August and September

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Question - Karim Corp. requires a minimum $8,600 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 $9,000, 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

$24,600

$32,600

$40,600

Cash payments

28,900

30,600

32,600

Required - Make a cash budget for July, August, and September.

Reference no: EM132564332

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