A B C D E F G H | 1 2 3 Cash Budget 4 5 Widmer Corp. requires a minimum $10,000 cash balance. If necessary, loans are taken to meet 6 this requirement at a cost of 1% interest per month (paid monthly). If the ending cash balance 7 exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. The cash balance on July 1 is $10,400. Cash receipts other than for loans received for July, August, 8 9 and September are forecasted as $24,000, $32,000, and $40,000, respectively. Payments other than for loan or interest payments for the same period are planned at $28,000, $30,000, and 10 $32,000, respectively at July 1, there are no outstanding loans. 11 12 Required: 13 Prepare a cash budget for July, August, and September. 14 15 16 17 18 19 Beginning cash balance 20 Cash receipts 21 Cash payments 22 Interest paid 23 Preliminar cash balance 24 Loan 25 Repayments 26 Ending cash balance 27 28 July August September