Karim Corp. requires a minimum $8,300 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 $8,700, 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.

Karim Corp. requires a minimum $8,300 cash balance. Loans taken to meet this requirement cost 2% Interest per month (pald monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $8,700, 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 $24,300 28,450 August $32,300 30,300 September $40,300 32,300 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 $ 8.700 $ 8,700 $ 8,700 Cash receipts 24,300 32,300 40,300 Total cash available 33,000 41,000 49,000 Cash payments 28,450 30,300 32,300 Interest on bank loan Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance Loan balance - Beginning of month 0 Additional loan (loan repayment) Loan balance - End of month