How do you find the total beginning cash balance fo rthe year? I have been told to add them all up and I have been told to do something else. Which way is the correct way to solve for the total?

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $350,000 $230,000 $250,000 Total cash receipts $200,000 Total cash disbursements $274,000 $244,000 $234,000 $254,000 The company's beginning cash balance for the upcoming fiscal year will be $24,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly nterest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded Required: Complete the company's cash budget for the upcoming fiscal year. (Cash deficiencies, disbursements, repayments, and interest should be indicated by a minus sign.) Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year 24,000 Beginning cash balance 10,000 54,200 50,200 350,000 230,000 Total cash receipts 200,000 250,000 1,030,000 Total cash available 224,000 360,000 284.200 300,200 1,030,000 234,000 Less total cash disbursements 274,000 244,000 254,000 1,006,000 60000) 116000 50209 46200 24,000 Excess of cash available over disbursements Financing Borrowings 60,000 60,000 60,000) Repayments (50,000) 60,000 Total financing 61,800) Ending cash balance