Karim Corp. requires a minimum $8,800 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 $9,200 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. July August September Cash receipts $ 24,800 $ 32,800 $ 40,800 Cash payments 29,200 30,800 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.)

Answer and Explanation:

The preparation of cash budget is given below:-

                                                 Cash Budget

Particulars                               July             August      September

Beginning cash balance$9,200     $8,800       $8,800

Cash receipt from customer  $24,800    $32,800     $40,800

Total cash available                $34,000      $41,600    $49,600

Cash payment                        (29,200)     (30,800)    ($32,800)

Interest on loan 1%                                 (40)              (20)

Preliminary cash balance     $4,800        $10,760       $16,780

Loan repay                             $4,000     (1,960)         (2,040)

Ending cash balance            $8,800        $8,800         $14,740

Loan balance    

At the beginning                      0                 $4,000       $2,040

Additional loan                      $4,000       (1,960)        (2,040)

Loan balance at the end       $4000            $2040          0

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

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