Forest Outfitters is a retailer that is preparing its cash budget for the upcoming fiscal year.Management has prepared the following summary of its budgeted cash flows:

1^st quarter 2^nd quarter

Total cash receipts $400,000 $672,000

Total cash disbursements $530,000 $405,000

The company's beginning cash balance for the upcoming fiscal year will be $69,200.

5. What is the company's excess (deficiency) of cash available over disbursements at the end of the first quarter?

1. ($130,000)
2. $60,800
3. ($60,800)
4. $530,000