Karim Corp. requires a minimum $9,400 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 $9,800 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 $25,400 $ 33,400 $ 41,400
Cash payments 30,100 31,400 33,400
Prepare a cash budget for July, August, and September.
Answers: 1
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Karim Corp. requires a minimum $9,400 cash balance. If necessary, loans are taken to meet this requi...
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