13 Karim Corporation requires a minimum $10,000 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 $10,000 is used to repay loans at month-end. The cash balance on July 1 is $10,400, 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. 2 points July Cash receipts Cash payments $ 26,000 31,000 August $ 34,000 32,000 September $ 42,000 34,000 eBook Hint 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.) Print Beginning cash balance References Total cash available Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month KARIM CORPORATION Cash Budget July August September $ 10,400 Loan balance $ 0