Chap 20 HIK 2 Karm Corp. requires a minimum $9,200 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 $9,600, 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. 33.33 points Cash receipts Cash payments FOR July $25,200 Agust $33,200 20,000 31,200 September $41,200 33,200 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indiceted with minus sign. Round your final answers to the nearest whole dollar.) KARIM CORP Beginning cash balance Total cash avalable Preliminary cash balance Cash Budget For July, August and September July August September $ 9,600