Hip Company requires a minimum cash balance of $3,500. 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 13% 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. 5 Click the icon to view the completed budget information.) Hip does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hip Company. Round interest expense to the nearest whole dollar. Data Table 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 input fields. Enter a cash deficiency and/or negative effects of financing with a minus sign or parentheses.) Hip Company Cash Budget For the Three Months Ended March 31 January February Hip Company Cash Budget For the Three Months Ended March 31 January February March Total March Total Beginning cash balance $ 3,500 22,000 Beginning cash balance $ 31,000 41,500 94,500 3,500 22,000 31,000 41,500 94,500 25,500 25,500 Cash receipts Cash available Cash payments: All expenses except interest 36,000 38,000 113,000 Cash receipts Cash available Cash payments: All expenses except interest Interest expense Total cash payments Ending cash balance before fionancing 39,000 36,000 38,000 113,000 39,000 0 Interest expense 39,000 39,000 Total cash payments Ending cash balance before financing (3,500) (3,500) Minimum cash balance desired (3,500) (3,500) (3,500) Minimum cash balance desired (3,500) (3,500) (3,500) Projected cash excess (deficiency) Financing Borrowing Projected cash excess (deficiency) Financing Borrowing Principal repayments Principal repayments Total effects of financing Total effects of financing Ending cash balance Ending cash balance Print Done Activate Window Enter any number in the edit fields and then continue to the next