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 $ 230,000 $ 380,000 $ 260,000 $ 280,000 Total cash disbursements $ 295,000 $ 265,000 $ 255,000 $ 275,000 The companys beginning cash balance for the upcoming fiscal year will be $30,000. 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.

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 lst Quarter 2nd Quarter 3rd Quarter 4th Quarter $230,000 380,000 260,000 280,000 $295, 000 265,000 255,000 275,000 The company's beginning cash balance for the upcoming fiscal year will be $30,000. 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 not complete Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year 30,000 10,00080,000 85,000 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess of cash available over disbursements Financing 230,000 260,000 295,000 (35,000) 380,000260,000 280,000 1,150,000 390,000 340,000 365,000 1,150,000 265,000 255,000 275,000 1,090,000 60,000 125,000 85,000 90,000 45,000 Borrowings Repayments Interest (45,000) 1.350 45,000 (45,000) 4.050 .700