12211 Jasper Company has 62% of its sales on credit and 38% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $524,000 for April, $534,000 for May, and $559,000 for June. Total sales for March are $300,000. Prepare a schedule of cash receipts from sales for April, May, and June, Sales Cash receipts from Total cash receipts JASPER COMPANY Schedule of Cash Receipts from Sales April 524,000 May June 534,000 550,000 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 July 1 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 Cash receipts Cash payments July 24,400 20,600 August $32,400 30,400 September $40,400 32,400 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar) Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Loan activity Interest on loan Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) KARIM CORPORATION Cash Budget July August September $ 0,000 $ 8,400 $ 8,400 24,400 32,400 40,400 33,200 40,800 48,800 0 (38) (16) 4,600 10.362 16.382 4,000 10.324 16,364 $ 8,400 $ 8,400 $ 14,544 Loan balance $ 0 $ 1,838 3,800