Homework: Budgeting, Pro-forma Financial Statemeni Saved Help Save & Exit Submit Check my work 5 6 Karim Corporation requires a minimum $8,900 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $8,900 is used to repay loans at month-end. The cash balance on July 1 is $9,300, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash 3.75 payments (other than for loan or interest payments) follow. points July August September Cash receipts $ 24,900 $ 32,900 $ 40, 90 Book Cash payments 29, 350 30,900 32 , 900 Hint 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.) Print References KARIM CORP. Cash Budget July August September Beginning cash balance $ 9,300 Add: Cash receipts Total cash available Less: Cash payments for Interest on loan All items excluding interest Total cash payments 0 0 0 Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance Loan balance - Beginning of month 0 Additional loan (loan repayment Loan balance - End of month Graw