Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. karim corp. requires a minimum $8.800 cash balance

Karim Corp. requires a minimum $8.800 cash balance. Loans taken to...

80.2K

Verified Solution

Question

Accounting

image
Karim Corp. requires a minimum $8.800 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 $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, Cash receipts Cash payments July $24,800 29,200 August 532,300 30,800 September $49,800 32,800 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 $ 9 200 September Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance 5 0 Loan balance Beginning of month Additional loan (loan repayment) Loan balance - End of month

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Describe an important Canadian engineering or computer science accomplishment of the past 100 years. In 3-5...

Electrical Engineering
Q

The following is an actual headline that was recently reported in the media about the New...

Accounting
Q

Two identical spherical conducting bodies A and B carries charges 2C and 8C respectively Now...

Physics
Q

Which of the following statements is are INCORRECT about reference frames In a non inertial...

Physics
Q

Find the average rate of change of f(x)=x+3x+1 from x=-4 to x= 1.Simplify your answer...

Basic Math
Q

Find y and y y y y x In 6x

Calculus
Q

Using the 2023 Apple Form 10-K posted with this assignment, answer questions 13-15: 13. Using...

Accounting
Q

Selling price Variable cost per unit Ttal units produced Machine-hours required to produce one unit...

Accounting
Q

Current Attempt in Progress Indicate how each of the following transactions would affect Cullumber...

Accounting
Q

Auditors use brainstorming: a. To heighten the audit teams awareness of fraud potential b. To...

Accounting
Q

During 2022, Ivanhoe Company entered into the following transactions, 1. 2 Purchased equipment for $...

Accounting
Q

Crypto & Decentralised Finance T2 2023 Which of the following peer-to-peer innovations rely significantly on...

Finance