ACCT 2332

Can someone help me with this problem thank you:

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the followin g summary of its budgeted cash flows Total cash receipts Total cash disbursements 1st Quarter $340,000 $386,000 2nd Quarter $460,000 $356,000 3rd Quarter $390,000 $346,000 4th Quarter $410,000 $366,000 The company's beginning cash balance for the upcoming fiscal year will be $24,000. 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 Complete the company's cash budget for the upcoming fiscal year. (Cash deficiencies, disbursements repayments, and interest should be indicated by a minus sign.) Answer is complete but not entirely correct Garden Depot Cash Budget 1st Quarter 2nd uarter 3rd Quarter 4th Quarter Year s 24,000 340,000460,000346,000366,0001,512,000 470,000 427,520 491,520 1,536,000 386,000356,000346,000366,0001,454,000 82,000 $ 24,000?|$ 10,000 ?$ 81.52 Beginning cash balance Total cash receipts Total cash available Less total cash disbursements Excess of cash available over disbursements (22,000) Financing 25,520 364,000 114,000 81,520 125,520 32,000 Borrowings Repayments Interest (32,000) (480) (32,480) $ 81,520 32,000 (32,000) 480) 480) Total financing 32,000 Ending cash balance 10,000 81,520 125.520