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. Year Garden Depot Cash Budget 1st 2nd Quarter Quarter $ 20,000 $ 10,000 180,000 330,000 200,000 340,000 260,000 230,000 (60,000) 110,000 3rd Quarter $ 37,960 X 210,000 247,960 220,000 27,960 4th Quarter $ 27,900 X 230,000 257,900 240,000 17,900 $ 95,800 X 950,000 1,045,800 950,000 95,800 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess of cash available over disbursements Financing Borrowings Repayments Interest Total financing (70,000) 70,000 X 2,100 X (70,000) 70,000 2,100 002,100 $ 27,960 $ 17,900 $ 97,900 (70,000) Ending cash balance (130,000) $ 182,100