WIDMER CORP requires a minimum 10,000 cash balance. if necessary, loans are taken to meet this requirement at a cost of 1% interest per month (Paid monthly). If the ending cash balance exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. The cash balance on July 1 is $10,400. Cash receipts other than for loans received for July, august, and september are forecasted as $24,000, $32,000, and $40,000, respectively. Payments other than for loan or interest payments for the same period are planned at $28,000, $30,000, and $32,000. At July 1, there are no outstanding loans.

Required: Prepare a cash budget for July, August, and September.

	July	August	September
Beginning cash balance	10400	10000	10000
Cash receipts	24000	32000	40000
Cash payments	-28000
Interest paid
Preliminar cash balance
Loan
Repayments
Ending cash balance