Exercise 22-20 Cash budget LO P2 Karim Corp. requires a minimum $8,500 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $8,900, 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. July Cash receipts Cash payments $24,500 28,750 August $32,500 30,500 September $40,500 32,500 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 $ 8.900 September Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance $ 0 Loan balance - Boginning of month Additional loan (loan repayment) Loan balance - End of month