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Karim Corp. requires a minimum $8,100 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 $8,500 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.

	July			August			September
Cash receipts	$	24,100		$	32,100		$	40,100
Cash payments		28,150			30,100			32,100

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. Cash Budget For July, August, and September July August September Beginning cash balance $8,500 Cash receipts 24,100 Total cash available 32,600 Cash payments Interest revenue Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance Loan balance - Beginning of month $0 Additional loan (loan repayment) Loan balance - End of month

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