Correct Answer:
KARIM CORP |
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Cash Budget |
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for July, August and September |
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July |
August |
September |
|
Beginning Cash Balance |
$ 10,200 |
$ 9,800.00 |
$ 9,800 |
Cash receipts |
$ 25,800 |
$ 33,800.00 |
$ 41,000 |
Total Cash Available |
$ 36,000 |
$ 43,600.00 |
$ 50,800 |
Cash payments |
$ 30,700 |
$ 31,800.00 |
$ 33,800 |
Interest Expense |
$ - |
$ 45.00 |
$ 25.45 |
Preliminary cash balance |
$ 5,300 |
$ 11,755.00 |
$ 16,975 |
Additional loan (Loan Repayments) |
$ 4,500 |
$ (1,955.00) |
$ (2,545) |
|
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Ending Cash Balance |
$ 9,800 |
$ 9,800.00 |
$ 14,430 |
Loan Balance |
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Loan Balance -Beginning of Month |
$ - |
$ 4,500.00 |
$ 2,545 |
Additional Loan (Loan Repayment) |
$ 4,500 |
$ (1,955.00) |
$ (2,545) |
Loan Balance End of Month |
$ 4,500 |
$ 2,545.00 |
$ - |
End of answer.
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Check my work Exercise 20-20 Cash budget LO P2 Karim Corp. requires a minimum $9,800 cash...
Check my work 5 Exercise 20-20 Cash budget LO P2 Karim Corp. requires a minimum $9,800 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 $10,200, 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. points еВook September $41,800...
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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...
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