Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Exercise 8-7 Cash Budget (LO8-8) 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: points Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 190,000 $340,000 $220,000 $ 240,000 $267,000 $ 237,000 $227,000 $247,000 The company's beginning cash balance for the upcoming fiscal year will be $22,000. 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.) Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question FIRSNU. V L ETU. Year points Beginning cash balance Garden Depot Cash Budget 1st 2nd Quarter Quarter $ 22,000 $ 10,000 190,000 340,000 212.000 350,000 267,000 237,000 (55.000) 113,000 Total cash receipts Total cash available Total cash disbursements 3rd Quarter $ 46,050 220,000 266,050 2 27,000 39,050 4th Quarter $ 39,050 240,000 279,050 247,000 32,050 $ 117,100 990,000 1,107,100 978,000 129,100 Excess of cash available over disbursements Financing: Borrowings Repayments 0 0 0 0 0 0 Interest Total financing 0 Ending cash balance (55.000) $ 113,000 $39,050 $ 32,050