1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts s 280,000 430,000$310,000 $330,000 Total cash disbursements 330,000 300,000 $290,000 $310,000 The company's beginning cash balance for the upcoming fiscal year will be $40,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign,) Answer is complete but not entirely correct Garden Depot Cash Budget 3rd 4th 1st Quarter 2nd Year 0o S 10,000 0 119,400139,4005 308,800 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess of cash available over disbursements 280,000 430,000 310,000 330,000 1,350,000 440,000 429,400 469,400 1,658.800 330,000 300,000 290,000 310,000 1.230,000 320,000 40,000139,400 159,400 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts s 280,000 430,000$310,000 $330,000 Total cash disbursements 330,000 300,000 $290,000 $310,000 The company's beginning cash balance for the upcoming fiscal year will be $40,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign,) Answer is complete but not entirely correct Garden Depot Cash Budget 3rd 4th 1st Quarter 2nd Year 0o S 10,000 0 119,400139,4005 308,800 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess of cash available over disbursements 280,000 430,000 310,000 330,000 1,350,000 440,000 429,400 469,400 1,658.800 330,000 300,000 290,000 310,000 1.230,000 320,000 40,000139,400 159,400