Hex Company requires a minimum cash balance of $4,300. 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 9% 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.) Hex does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hex 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.) Hex Company Cash Budget For the Three Months Ended March 31 January February March Total Beginning cash balance $ 4,300 21,000 Cash receipts 28,500 41,500 91,000 Cash available 25,300 Cash payments: All expenses except interest 36,000 33,000 35,000 104,000 0 Interest expense T-I-I---L 36.000 Enter any number in the edit fields and then continue to the next question. Cash payments: All expenses except interest 36,000 33,000 35,000 104,000 Interest expense 0 Total cash payments 36,000 Ending cash balance before financing (4,300) (4,300) (4,300) (4,300) Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Cash Budget For the Three Months Ended March 31 January February March Total Beginning cash balance $ 4,300 21,000 Cash receipts 28,500 41,500 91,000 Cash available 25,300 Cash payments: All expenses except interest 33,000 35,000 104,000 36,000 0 Interest expense Total cash payments 36,000 Ending cash balance before financing Minimum cash balance desired (4,300) (4,300) (4,300) (4,300) Projected cash excess (deficiency) Financing: Borrowing