8 - Master Budget Quiz - 23V X Question 3 - Ch 8 - Master Budg X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252 Ch 8 - Master Budget Quiz Saved 3 Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Ist Quarter 2nd Quarter 3rd Quarter 4 4th Quarter Total cash receipts 080 09E 5 $ 480,000 $ 410,000 $ 430,000 Total cash disbursements $ 400, 000 $ 370,000 $ 360,900 $ 380, 000 8 00 36:33 The company's beginning cash balance for the upcoming fiscal year will be $18,000. 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.) Garden Depot Cash Budget 1st Quarter | 2nd Quarter | 3rd Quarter 4th Quarter Year Beginning cash balance $ 18.000 5 10,000 5 86.080 5 136 080 18 000 Total cash receipts 360.000 480 000 410,000 430.000 1 680 000 Total cash available 378,000 490.000 496,080 566,080 1 698 000 Total cash disbursements 400,000 370 000 360,000 380.000 1,510,000 Excess (deficiency) of cash available over disbursements (22,000 120 000 136 080 186,080 188,000 Financing Borrowings 32,000 32 000 Repayments (32,000) 32,000) Interest (1.920 (1,920) Total financing 32.000 (33,920) 0 (1.920) Ending cash balance $ 10.000 5 86 080 5 136 080 $ 186,080 $ 186.080 Q Search L C JX DII F1 F2 F3 F4