Karim Corporation requires a minimum $9,900 cash balance. Loans taken to meet this requirement cost 2%...

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Karim Corporation requires a minimum $9,900 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $9,900 is used to repay loans at month-end. The cash balance on July 1 is $10,300, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments Beginning cash balance. Total cash available July $ 25,900 30,850 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.) Total cash payments Preliminary cash balance Loan activity Ending cash balance August $ 33,900 31,900 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month September $ 41,900 33,900 KARIM CORPORATION Cash Budget $ July Loan balance $ 10,300 0 August September Prey 7 of 8 = Next Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 152,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 12% of sales dollars per quarter per quarter $ 50,000 $ 536,000 $ 235,000 $ 125,000 1.00% 30% per quarter per quarter quarterly on $260,000 note payable Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses Karim Corporation requires a minimum $9,900 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $9,900 is used to repay loans at month-end. The cash balance on July 1 is $10,300, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments Beginning cash balance. Total cash available July $ 25,900 30,850 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.) Total cash payments Preliminary cash balance Loan activity Ending cash balance August $ 33,900 31,900 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month September $ 41,900 33,900 KARIM CORPORATION Cash Budget $ July Loan balance $ 10,300 0 August September Prey 7 of 8 = Next Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 152,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 12% of sales dollars per quarter per quarter $ 50,000 $ 536,000 $ 235,000 $ 125,000 1.00% 30% per quarter per quarter quarterly on $260,000 note payable Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses

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KARIM CORP Cash Budget For July August and September July Beg... View the full answer