Hoppy 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 of 14% 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 loon to view the completed budget information) Hoppy does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hoppy Company Round interest expense to the nearest whole dolar 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 "O" for any zero balances Round al amounts entered into the cash budget to the newest whole dollar. Enter a cash deficiency andor negative effects of financing with a minus sign or parentheses) Hoppy Company Cash Budget For the Three Months Ended March 31 January February March Tot Beginning cash bwance $ 3.500 10,000 27.500 42.000 3,500 Cashvile 22.500 Cash payments Al expenses et interest 34.000 35,000 39,000 100.000 Interest expense Trache 34.000 Enter any number in the edit fields and then continue to the next question Hoppy Company requires a minimum cash balance of 53,500. 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 14% 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) Hoppy does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Hoppy Company, Round interest expense to the nearest whole dollar 34,000 0 35.000 39.000 108.000 34.000 (3.500 (3.500 3.500 (3.500) Cash payments All expenses except interest Interest expense Totalcash payments Ending cash balance before nancing Minimum cash balance desired Projected cash excess of cancy) Financing Borrowing Principal repayments Total flects of financing Ending cash balance Enter any number in the edit fields and then continue to the next question 30 % 5 & 7 4 6 8 9