Hoppy Company requires a minimum cash balance of $4,500. 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 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.) 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. 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.) Hoppy Company Cash Budget For the Three Months Ended March 31 January February March Total Beginning cash balance $ 4,500 Cash receipts 19,000 26,500 44,500 90,000 Cash available 23,500 Cash payments: All expenses except interest 31,000 39,000 36,000 106,000 Interest expense Total cash payments 31,000 Ending cash balance before financing Minimum cash balance desired 4,500 (4,500) 4,500) (4,500)Hoppy Company requires a minimum cash balance of $4,500. 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 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.) 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. Beginning cash balance $ 4,500 Cash receipts 19,000 26,500 44,500 90,000 Cash available 23,500 Cash payments: All expenses except interest 31,000 39,000 36,000 106,000 Interest expense Total cash payments 31,000 Ending cash balance before financing Minimum cash balance desired 4,500) (4,500) 4,500) (4,500) Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of Ofinancing Ending cash balance0 Data Table - X |-||m $ Beginning cash balance 4,500 Cash receipts 19,000 90,000 Cash available 23,500 Cash payments: All expenses except interest 31 ,000 106,000 Interest expense 0 Total cash payments 31:000 Ending cash balance before Enancing Minimum cash balance desired (4500) (4:500) (4:500) (4:500) Projected cash excess (de ciency) Financing: Borrowing
