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 $ 180,000 $ 260,000 2nd Quarter $ 330,000 $ 230,000 3rd Quarter $ 210,000 $ 220,000 4th Quarter $ 230,000 $ 240,000 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.) Answer is complete but not entirely correct. Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning cash balance Total cash receipts $ 20,000 $ 10,000 $ 35,800 $ 25,800 $ 20,000 180,000 330,000 210,000 230,000 950,000 Total cash available 200,000 340,000 245,800 255,800 970,000 Total cash disbursements 60,000 110,000 220,000 240,000 950,000 Excess (deficiency) of cash available over disbursements 140,000 230,000 25,800 15,800 20,000 Financing: Borrowings Repayments 70,000 70,000 70,000 70,000 Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments and interest should be indicated by a minus sign.) > Answer is complete but not entirely correct. Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning cash balance Total cash receipts $ 20,000 $ 10,000 $ 35,800 25,800 $ 20,000 180,000 330,000 210,000 230,000 950,000 Total cash available 200,000 340,000 245,800 255,800 970,000 Total cash disbursements 60,000 110,000 220,000 240,000 950,000 Excess (deficiency) of cash available over disbursements 140,000 230,000 25,800 15,800 20,000 Financing: Borrowings Repayments Interest Total financing Ending cash balance 70,000 70,000 4,200 4,200 70,000 74,200 0 0 4,200 $ 210,000 $ 304,200 $ 25,800 $ 15,800 $ 15,800 70,000 70,000