Business, 15.04.2020 15:47 walkereddie580
Karim Corp. requires a minimum $8,600 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,000 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. July August September Cash receipts $ 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.)
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Karim Corp. requires a minimum $8,600 cash balance. If necessary, loans are taken to meet this requi...
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