Question: Chapter 7 question 7Karim Corp. requires a minimum $8,800 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any

Chapter 7 question 7Karim Corp. requires a minimum $8,800 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 $9,200 and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or internet payments) follow Cash receipts July $24,000 august $32,800 September $40,800Cash payments July $29,200 august $30,800 September $32,800

pter 7 Homework Saved Check my 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 oints For July, August, and September 8 04:30:05 July August September Beginning cash balance $ 9,200 Skipped Total cash available eBook Hint Preliminary cash balance Print Ending cash balance Loan balance Loan balance - Beginning of month $ O Additional loan (loan repayment)

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