Exercise 8-7 (Algo) 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: It Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash recepta $ 220,000 $ 370,000 $ 250,000 $ 270,000 Total cash disbursements $ 288,000 $ 25,000 $ 248,000 $ 268,000 The company's beginning cash balance for the upcoming fiscal year will be $28,000. 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 repold. 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.) cos Garden Depot Cnh Budget 1st Quarter 2nd Quarter $ 34000 10.000 3rd Quarter 4th Quarter Year 34.000 10.000 34,000 10,000 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess deficiency) of cash available over disbursements Financing Borrowingu Repayments Interest Total financing Ending cash balance 0 $ 34,000 5 10,000