Solution-Prepare a cash budget for july, august, and

Prepare a cash budget for july, august, and september

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Reference no: EM133109903

Question - Karim Corporation requires a minimum $8,400 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $8,400 is used to repay loans at month-end. The cash balance on July1 is $8,800, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow.

	July	August	September
Cash receipts	$24,400	$32,400	$40,400
Cash payments	28,600	30,400	32,400

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

Reference no: EM133109903

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Prepare a cash budget for july, august, and september

Reference no: EM133109903

Reference no: EM133109903

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