Exercise 7-19 Cash budget LO P2 eBook Hint Karim Corp. requires a minimum $8,000 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 $8,400 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: Print erences Cash receipts July August September $20,000 $26,000 $ 40,000 28,000 30,000 22,000 Cash disbursements Prepare a cash budget for July, August, and September. (Negative balance and Loan repayment amount should be indicated with minus sign.) eBook Hint KARIM CORP. Cash Budget For July, August, and September July August Beginning cash balance $ 8,400 COD Mecburon Cunt Total cash available Print September References Preliminary cash balance Ending cash balance Loan balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month HH Mayt