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nataly862011 [7]
3 years ago
11

Karim Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% inter

est 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) are:
July August September
Cash receipts $ 20,000 $ 26,000 $ 40,000
Cash disbursements 28,000 30,000 22,000
Business
1 answer:
Arisa [49]3 years ago
3 0

Answer:

                                                   July               August              Sept.

Beginning cash balance        $8,400            $8,000           $8,000

Cash receipts                       $20,000          $26,000        $40,000

Cash disbursements          ($28,000)        ($30,000)      ($22,000)

Sub-total                                    $400            $4,000         $26,000

Interests                                         $0                ($72)             ($113*)

<u>Loan                                        $7,200            $4,072          ($11,272)</u>

Total                                       $8,000            $8,000           $14,615

*Rounded to the nearest dollar

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