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: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total cash receipts $ 180,000 $ 330,000 $ 210,000 $ 230,000 Total cash disbursements $ 260,000 $ 230,000 $ 220,000 $ 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.) 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 20,000 $ 10,000$ 35,800 $ 25,800 180,000 330,000 210,000 230.000 200,000 340,000 245,800 255,800 260,000 230,000 220,000 240,000 (60,000) 110,000 25,800 15,800 ol Year $ 91,600 950,000 1.041.600 950,000 91,600 Beginning cash balance 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 70,000 O 0 (70,000) (4.200) (74.200) 35,800 O 0 0 0 0 0 70,000 (70,000) (4,200) (4,200) 87.400 x 0 $ 70,000 10,000 0 25,800 $ $ $ 15,800 $