Jasper Company has sales on account and for cash. Specifically, 63% of its sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $532,000 for April, $542,000 for May, and $567,000 for June. The beginning balance of Accounts Receivable is $297,400 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales April May June 37% $ 532,000 $ 542,000 $ 567,000 63% 335,160 341,460 357,210 $ 867,160 $ 883,460 $ 924,210 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales $ 532,000 $ 542,000 $ 567,000 Collection of accounts receivable Total budgeted cash receipts Zisk Co, purchases raw materials on account. Budgeted purchase amounts are April, $84,000; May, $114,000; and June, $124,000. Payments are made as follows: 75% in the month of purchase and 25% in the month after purchase. The March 31 balance of accounts payable is $26,000. Prepare a schedule of budgeted cash payments for April, May, and June. April May June 75% Current month purchases Ending accounts payable Total purchases 25% June Zisk Co. Schedule of Cash Payments For April, May, and June April May Cash payments for: Current month purchases Prior month purchases Budgeted cash payments for materials Karim Corp. requires a minimum $9,600 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $10,000, 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 August September Cash receipts $25,600 $33,600 $41,600 Cash payments 30,400 31,600 33,600 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 $ 10,000 Total cash available Preliminary cash balance Ending cash balance Loan balance Loan balance - Beginning of month $ 0 Additional loan (loan repayment) Loan balance - End of month