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: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 350, eee $ 470, een $ 480, cea $ 420, eee $ 393, eee $ 363, eee $ 353, see $ 373, eee The company's beginning cash balance for the upcoming fiscal year will be $20,000. 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.) Beginning cash balance Answer is complete but not entirely correct. Garden Depot Cash Budget 1st 2nd 3rd 4th Year Quarter Quarter Quarter Quarter s 20,000 IS S 10.000 S 82.020 129,020 20.000 350.000 470.000 400.000 420.000 1.640.000 370.000 480,000 482,020 549,020 1.881,040 393.000 383.000 353,000 373.000 1.482.000 (23.000) 117.000 129,020 176,020 399,040 Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance 0 0 33.000 0 0 0 (33.000) (1.980) (34.980) 33.000 (33.000) (1.980) (1.980) 0 0 0 0 0 IS 129,020 33.000 0 IS 178,020 S 10,000 S 82.020 $ 178,020