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Zisk Company purchases direct materials on credit. Budgeted purchases are April, $80,000; May, $10,000; and June, $120,000 Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase Purchases for March are $70,000. Prepare a schedule of cash payments for direct materials for April, May, and June. ZISK COMPANY Schedule of Cash Payments for Direct Materials April May Materials purchases Cash payments for Juno Total cash payments Karim Corporation requires a minimum $8,000 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 $8,000 is used to repay loans at month-end. The cash balance on July 1 is $8,400, 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 $ 20,000 $ 26,800 $ 40,000 Cash payments 28,000 30,000 22,000 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 $ 8,400 $ 20,000 28,400 Beginning cash balance Add: Cash receipts Total cash available August September 8,000 $ 8,000 26,000 40,000 34,000 48,000 0 0 0 interest on loan All items excluding interest Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month