2024 – Karim Corp requires a minimum 8 000 cash balance If necessary loans are taken
Karim Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost… – 2024
Karim Corp. requires a minimum $8,000 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 $8,400 and the company has no outstanding loans.
| July | August | September | ||||
| Cash receipts | $ | 20,000 | $ | 26,000 | $ | 40,000 |
| Cash disbursements | 28,000 | 30,000 | 22,000 | |||
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Prepare a cash budget for July, August, and September. |
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