E22-29 (similar to) is Question Help Harpoon Company requires a minimum cash balance of $4.800. When the company expects a cash deficiency. it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 15% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. (Click the icon to view the completed budget information.) Harpoon does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Harpoon Company. Round interest expense to the nearest whole dollar. - X Begin by preparing the cash budget for January, then prepare the cash budget for February and March. Finally, prepare the totals for the quarter. (Complete all answer boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency and/or negative effects of financing with a minus sign or parentheses.) Harpoon Company Data Table Cash Budget For the Three Months Ended March 31 January Harpoon Company Beginning cash balance 4,600 Cash Budget Cash receipts 19,000 For the Three Months Ended March 31 January February March | 23,600 Total Cash available Cash payments: Beginning cash balance 4.600 All expenses except interest 39,000 Cash receipts 19.000 30.000 40,500 89.500 Interest expense Cash available 23,600 Total cash payments 39,000 Cash payments: Ending cash balance before financing All expenses except interest 39,000 38,000 38,000 113,000 (4.800) Minimum cash balance desired Interest expense Projected cash excess (deficiency) Total cash payments Financing Ending cash balance before financing Borrowing (4.600) (4.600) (4.600) Minimum cash balance desired (4.600) Principal repayments Projected cash excess (deficiency) Total effects of financing Financing Ending cash balance Borrowing Principal repayments Total effects of financing Ending cash balance 39,000 Print Done Enter any number in the edit fields and then click Check Answer. 3 remaining Clear All Check