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 $ 280,000 $ 330,000 2nd Quarter $ 430,000 $ 300,000 3rd Quarter $ 310,000 $ 290,000 4th Quarter $ 330,000 $ 310,000 The company's beginning cash balance for the upcoming fiscal year will be $40,000. 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.) X Answer is not complete. Answer is not complete. 2nd Quarter $ Beginning cash balance Total cash receipts Garden Depot Cash Budget 1st Quarter $ 40,000 280,000 320,000 330,000 (10,000) 10,000 430,000 440,000 300,000 140,000 3rd 4th Year Quarter Quarter $ 119,400 X $ 139,400 X $ 40,000 310,000 330,000 1,350,000 429,400 469,400 1,390,000 290,000 310,000 1,230,000 139,400 159,400 160,000 Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments 20,000 20,000 (20,000) (600) Interest 20,000 (600) 19,400 $ 159,400 Total financing 0 0 20,000 10,000 Ending cash balance $ $ 139,400 $ 159,400 $ 158,000 X