Exercise 20-20 (Algo) Cash budget LO P2 Karim Corporation requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $9,000 is used to repay loans at month-end. The cash balance on July 1 is $9,400, 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. July August September Cash receipts $ 25,000 $ 33,000 $ 41,000 Cash payments 29,500 31,000 33,000 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.)

Karim Corporation requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $9,000 is used to repay loans at month-end. The cash balance on July 1 is $9,400, 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.)