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Exercise 07-20 Cash budget LO P2 Karim Corp. requires a minimum $8.900 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 $9,300, 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 $24,900 29,350 August September 532,900 $48,900 30,900 32,900 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 5 9.300 September Beginning cash balance Total cash available Preliminary cash balance 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 CORR Cash Budget For July, August, and September July August $ 9.300 September Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance $ 0 Loan balance - Beginning of month Additional loan loan repayment Loan balance - End of month