Exercise 22-20 Cash budget LO P2 Karim Corp. requires a minimum $8.500 cash balance. If necessary, loans are taken to meet this requirement at a cost of 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. 39 Cash receipts Cash payments July $ 24,500 20,750 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 $ September Beginning cash balance 8.800 Total cash available Preliminary cash balance ed HW #20 Saved Help Save & E Cho Cash payments 28,750 30,500 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 - Beginning of month Additional loan (oan repayment) Loan balance - End of month