ACC1200 901 Fall 2022 Manag X Question 7 - QUIZ CH 8 - Conr X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi... @ * M Gmail My Drive - Google... YouTube Maps Canvas Other Bookmarks QUIZ CH 8 i Saved Help Save & Exit Submit Check my work 7 Exercise 8-7 (Algo) Cash Budget [LO8-8] 7.16 Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary points of its budgeted cash flows Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter eBook Total cash receipts $ 300 , 000 $ 420, 000 $ 350 , 000 $ 370 , 000 Total cash disbursements $ 358, 000 $ 328, 000 $ 318, 000 $ 338, 000 Hint The company's beginning cash balance for the upcoming fiscal year will be $35,000. The company requires a minimum cash balance References 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 $ 35,000 $ 10,000 $ 35,000 Total cash receipts 300,000 420,000 350,000 370,000 1,440,000 Total cash available 335,000 430,000 350,000 370,000 1,475,000 Total cash disbursements 358,000 328,000 18,000 338,000 1,342,000 Excess (deficiency) of cash available over disbursements 23,000 102,000 32,000 32,000 133,000 Financing. Mc Grav HillACC1200 901 Fall 2022 Manag X Question 7 - QUIZ CH 8 - Conn X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi... @ * M Gmail My Drive - Google... YouTube Maps Canvas Other Bookmarks QUIZ CH 8 i Saved Help Save & Exit Submit Check my work 7 Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments and interest should be indicated by a minus sign.) 7.16 Garden Depot points Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year eBook Beginning cash balance $ 35,000 $ 10,000 $ 35,000 350,000 1,440,000 Hint Total cash receipts 300,000 420,000 370,00 Total cash available 35,000 430,000 350,000 370,000 1,475,000 References Total cash disbursements 358,000 328,000 318,000 338,000 1,342,000 Excess (deficiency) of cash available over disbursements (23,000) 102,000 32,000 32,000 133,000 Financing Borrowings 33,000 33,000 Repayments 33,000) 33,000) Interes Total financing 83,000 (33,000) 0 Ending cash balance $ 10,000 $ 69,000 32,000 $ 32,000 Mc Grav Hill