Karim Corp. requires a minimum $8,600 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 $9,000 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 $ 24,600 $ 32,600 $ 40,600 Cash payments 28,900 30,600 32,600 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.)

                                         JulyAugustSeptember

Cash Receipts                      246003260040600

Cash Payments                     -28900-30600-32600

Net Cash Inflow/Outflow       -430020008000

Add Opening Balance                900086008600

Loan Received/(paid)                3900-1961-7981

Interest Paid                                           -39-19

Closing Balance                        86008600  8,600  

Explanation:

Notes: Working file is also attached with the answer

* Interest is paid after one month on outstanding Balance

*Interest on July balance (3900*1%=39) is paid in August

*Interest on August Loan Balance (3900-1961*1%=19) is paid in September

answer: b 56, 250

explanation:

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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