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Return to question 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: 1.12 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 320,000 $440,000 $370,000 $390,000 $372,000 $ 342,000 $332,000 $352,000 Total cash receipts Total cash disbursements points The company's beginning cash balance for the upcoming fiscal year will be $27,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest 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: Prepare the company's cash budget for the upcoming fiscal year. (Cash deficiency, repayments and interest should be indicated by a minus sign.) X Answer is complete but not entirely correct. 4th Quarter Year 109.950 X $ Garden Depot Cash Budget 1st Quarter $ 27,000 320,000 347,000 372,000 (25,000) 27,000 2nd Quarter $ 10,000 440,000 450,000 3 42,000 108,000 3rd Quarter $ 71,950 X 390,000 461,950 499,950 (38,000) 390,000 499,950 352,000 147,950 1,540,000 1,567,000 1.565,950 1,050 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance 35,000 0 0 35,000 $10,000 0 35,000 1,050 X 36,050 $144,050 0 0 0 0 38,000) 0 0 0 0 147,950 35,000 35,000 1,050 71,050 $ 72,100