Harp Company Cash Budget For the Three Months Ended March 31 January February $ 3,800 22,000 29,000 March Total Beginning cash balance 40,500 91.500 Cash receipts Cash available 25,800 Cash payments: All expenses except interest 33,000 39,000 37,000 109,000 Interest expense 33,000 Total cash payments Ending cash balance before financing (3,800) (3,800) (3,800) (3,800) Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Harp Company requires a minimum cash balance of $3,800. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 15% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest (Click the icon to view the completed budget information.) Harp does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Harp Company Round interest expense to the nearest whole dollar nearest wnole collar. Enter a casn geticiency and/or negative erecis of ninancing with a minus sign or parentheses.) Harp Company Cash Budget For the Three Months Ended March 31 For the Three Months Ended March 31 January 3,800 22,000 Beginning cash balance Cash receipts Cash available Cash payments: All expenses except interest 25,800 33,000 Interest expense 33,000 (3,800) Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance Enter any number in the edit fields and then click Check Answer. Harp Company requires a minimum cash balance of $3,800. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 16% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. (Click the icon to view the completed budget information.) Harp does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Harp Company. Round interest expense to the nearest whole dollar. Begin by preparing the cash budget for January, then prepare the cash budget for February and March. Finally, prepare the totals for the quarter. (Complete all answer boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency and/or negative effects of financing with a minus sign or parentheses.)
