Karim Corp. requires a minimum 59,200 cash balance. Loans taken to meet this requirement cost 1% Interest per month paid monthly Any excess cash is used to repay loans et month-end. The cash balance on July 1 is $9.600, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received and forecasted cash payments (other than for loon or interest payments) follow Duly August September Cash receipts 525,200 $33,200 541,200 Cash payments 29,600 1,200 Prepare o cash budget for July August, and September (Negative belences and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole doller.) KARIM CORR Cash Budget For July, August, and September July August $ 9.600 September Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance $ 0 Loan balance - Beginning of month Additional loan loan repayment Loan balance - End of month C Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31 point Book a. Beginning cash balance on July 1: $71000. b. Con receipts from sales: 25% is collected in the month of sale. 50% in the next month, and 25% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual. $1,930.000: June (actual), 51370.000 and July (Dudgetedi. $1,400,000 c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual). $570,000, and July (oudgerec). $540,000 d. Budgeted cash payments for salaries in July $310.000 e. Budgeted depreciation expense for July: $11,000 t. Other cash expenses budgeted for July $190.000 9. Accrued income taxes due in July 580.000. h. Bank loan interest paid in July 59,500. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgebed cash receipts and cash payments. Calculation of Cash Receipts from Sales ---Collected in Total Sales May June July 31 Accounts Red July Credit ses from May 1.030,000 1.370.000 1.400.000 4.700.000 Totals 5 Calculation of Cash Payments for Merchandise --Paid in July 31 Accounts Pay Total Purchases June July Purchases from $ 570.000 540.000 1.110,000 S CON Cash Budget > b. Cash receipts from sales 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), 51,930.000, June (actual). S1,370,000; and July (budgeted). $1.400.000 c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual). $570,000, and July (Dudgeted). S540,000. d. Budgeted cash payments for salaries in July $310.000. e. Budgeted depreciation expense for July: $11,000 f. Other cash expenses budgeted for July: $190.000 g. Accrued Income taxes due in July: $80.000, h. Bank loan Interest paid in July $9,500. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the July cash budget for Acco Co. Acco co. Cash Budget For the Month Ended July 31 Total cash available Cash payments for Total cash payments