Karim Corp. requires a minimum $9,600 cash balance. Loans taken
to meet this requirement cost 1% interest per month (paid monthly).
Any excess cash is used to repay loans at month-end. The cash
balance on July 1 is $10,000, 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 | $ | 25,600 | $ | 33,600 | $ | 41,600 | |||
Cash payments | 30,400 | 31,600 | 33,600 | ||||||
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.)
Karim Corp. requires a minimum $9,600 cash balance. Loans taken to meet this requirement cost 1%...
Karim Corp. requires a minimum $8,000 cash balance. Loans taken to meet this requirement cost 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. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments July $20,000 28,000 August $26,000 30,000 September $40,000 22,000 Prepare...
Karim Corp. requires a minimum $8,000 cash balance. Loans taken to meet this requirement cost 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. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow August $26,000 30,000 September $40,000 22,000 July $20,000 28,000 Cash receipts Cash payments s0...
Karim Corp. requires a minimum $9,300 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,700, 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 July $25,300 29,950 August $33,300 31,300 September $41,300 33,300 Prepare...
7 Karim Corp. requires a minimum $8.900 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid 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 July $ 24,900 29,350 August $32,900 30,9 September $40,900...
Karim Corp. requires a minimum $10,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $10,400, 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 $ 26,000 $ 34,000 $ 42,000 Cash payments 31,000...
Karim Corp. requires a minimum $8,300 cash balance. If necessary, loans are taken to meet this requirement at a cost of 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $8,700 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 Cash receipts Cash payments August September $40,300...
4 Karim Corp. requires a minimum $8,100 cash balance. Loans taken to meet this requirement cost 2 % interest per month (paid monthly). Any excess cash is used to repay loans at month end. The cash balance on July 1 is $8,500, 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. August $24,100 $32,100 40,100 30, 100 July September Cash receipts Cash...
Karim Corp. requires a minimum $8,800 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 $9,200 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 $ 24,800 $...
Chap 20 Homework Seved Karim Corp. requires a minimum $9,300 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,700, 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 33.33 points Cash receipts Cash payments July $25,300 29,95€ August...
Exercise Help Save & E Che Karim Corp. requires a minimum $9,500 cash balance. Loans taken to meet this requirement cost 2% interest per month paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $9,900, and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan of interest payments) follow Cash receipts Cash payments July $25,500 30,250 August...