Exercise 20-20 Cash budget LO P2 . Karim Corp. requires a minimum $9.200 cash balance. If necessary, loans are taken to meet this requirement at a cost of 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 19 Cash receipts Cash payments July $25,200 29,800 August $33,200 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 indicated with minus sign. Round your final answers to the nearest whole dollar.) KARIM CORP Cash Budget For July August, and September July August $ 9,800 September Beginning cash balance Total cash valable Preiminary cash balance Ending cash balance Loan balance Loan balance - Beginning of month Additional loan loan repayment) Loen balance - End of month