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	$350,000	$470,000	$400,000	$420,000
Total cash disbursements	$393,000	$363,000	$353,000	$373,000

The companys 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:

Complete the company's cash budget for the upcoming fiscal year. (Cash deficiencies, disbursements, repayments, and interest should be indicated by a minus sign.)

Garden Depot
Cash Budget
	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Year
Beginning cash balance	$20,000	$10,000
Total cash receipts	350,000	470,000	400,000	420,000	1,640,000
Total cash available	370,000	480,000	400,000	420,000	1,640,000
Less total cash disbursements	393,000	363,000	353,000	373,000	1,482,000
Excess of cash available over disbursements	(23,000)	117,000	47,000	47,000	158,000
Financing:
Borrowings	33,000	0	0	0	33,000
Repayments	0	(33,000)	0	0	(33,000)
Interest	0	(1,980)	0	0	(1,980)
Total financing	33,000	(34,980)	0	0	(1,980)
Ending cash balance	$10,000	$82,020	$47,000	$47,000	$156,020