Exercise $20-20($Algo$)$ Cash budget LO P$2$

Karim Corporation requires a minimum $$8,100$ cash balance. Loans taken to meet this requirement cost $2\%$ interest per month $($paid at

the end of each month$).$ Any preliminary cash balance above $$8,100$ is used to repay loans at month$-$end. The cash balance on July $1$ is

$$8,500,$ 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.

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.$)$indicated with minus sign. Round your final answers to the nearest whole

$\backslash$table$[[$KARIM CORPORATION$],[$Cash Budget$],[,$July,August,September$],[$Beginning cash balance,$$,8,500],[,,,,],[$Total cash available$],[,,,,],[,,,,],[,,,,],[$Total cash payments,,$0,0,0],[$Preliminary cash balance$],[$Loan activity$],[,,,,],[$Ending cash balance$],[$Loan balance$],[$Loan balance $-$ Beginning of month,$$,0,,],[$Additional loan $($loan repayment$)],[$Loan balance $-$ End of month,,,,$]]$