Question: Please answer in proper format with all working clearly Exercise 20-20 (Algo) Cash budget LO P2 Karim Corporation requires a minimum $8,600 cash balance. Loans

Please answer in proper format with all working clearly

Exercise 20-20 (Algo) Cash budget LO P2 Karim Corporation requires a minimum $8,600 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month), Any preliminary cash balance above $8,600 is used to repay loans at month-end, The cash balance on July 1 is $9,000, 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. July August September Cash receipts 6 24,600 $ 32,600 $ 40, 600 Cash payments 28,900 30, 600 32, 600 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 CORPORATION Cash Budget July August September Beginning cash balance $ 9.000 Total cash available Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance Loan balance - Beginning of month S 0 Additional loan (loan repayment) + Loan balance - End of month

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