Check my work 5 Exercise 20-20 Cash budget LO P2 Karim Corp. requires a minimum $9,800 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 $10,200, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. points ook September $41,800 33,800 July $25,800 30,700 August $33,800 31,800 Hint Cash receipts Cash payments Print References 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.) 10 KARIM CORP. Cash Budget For July, August, and September July August September $ Beginning cash balance 10,200 Total cash available Preliminary cash balance Ending cash balance Loan balance $ Loan balance - Beginning of month 0 Additional loan (loan repayment) Loan balance - End of month