Chapter 7 question 7Karim Corp. requires a minimum $8,800 cash balance. Loans taken to meet this requirement
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Chapter 7 question 7Karim Corp. requires a minimum $8,800 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 $9,200 and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or internet payments) follow Cash receipts July $24,000 august $32,800 September $40,800Cash payments July $29,200 august $30,800 September $32,800
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