Karim Corp. requires a minimum $8,000 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 $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 Cash receipts Cash payments July August $20,000 $26,000 28.000 30,000 September $ 40,000 22,000 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) Answer is complete but not entirely correct. KARIM CORP Cash Budget For July, August, and September July August September Beginning cash balance $ 8.400 $ 8.000 $ 8,000 Cash receipts 20.000 26,000 40,000 Total cash available 28.400 34,000 48,000 Cash payments 28.000 30,000 22.000 Interest on bank loan 0 76 117 Preliminary cash balance $ 400 $ 3.924$ 25,883 Additional loan loan repayment) 7,600 4,075 11.6763 Ending cash balance 8.000 8,000 14207 10 X Answer is complete but not entirely correct. KARIM CORP. Cash Budget For July, August, and September July August September Beginning cash balance $ 8,400 $ 8,000 $ 8,000 Cash receipts 20 26,000 40,000 Total cash available 28,400 34,000 48,000 Cash payments 28,000 30,000 22,000 Interest on bank loan 0 76 117 Preliminary cash balance $ 400 $ 3,924 $ 25,883 Additional loan (loan repayment) 7,600 4,076 11,676 Ending cash balance $ 8,000 8,000 $ 14,207 Loan balance Loan balance - Beginning of month $ 0 $ 7,600 $ 11,676 Additional loan (loan repayment) 7,600 4,076 11,676 Loan balance - End of month $ 7,600 $ 11,676 S