Jasper Company has sales on account and for cash. Specifically, 58% of its sales are on account and 42% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $524,000 for April, $534,000 for May, and $559,000 for June. The beginning balance of Accounts Receivable is $298,500 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June April May June Cash sales Sales on account Total sales 42% 58% $ os 0$ 0 JASPER COMPANY Schedule of Cash Receipts For April May, and June April Cash receipts from Cash sales Collection of accounts receivable Total budgeted cash receipts May June 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. Cash receipts Cash payments July August 524,500 $32,500 28,750 30,500 September 540, 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, Magust, and September July August 900 Beghing cash balance September Total cash avadable Preliminary cash blanca Ending cash balance Loans balance 5 0 Loan balance Beginning of month Aditional loan loan repayment Loan balance End of month