Moodle New Tas X X Excel hsingh173 " . Saved File Home Insert Draw Page Layout view Help Editing Callbri D Align i Thanks for using Office! We've made some Is admin allows you to use several cloud-backed services. You A26 H Rich Company's cash balance on January 1st is $110,000 and they want to keep a minimum balance of at least $40,000 at all times. The company will borrow and repay funds in Increments of $1,000 at a interest rate of 6% per annum. All borrowings happen on the first day of the period in which the funds are required and all repayments occur on the last day of the period in which funds are available. Assume interest on borrowings is only paid at the time inapal repayments are made. There are no cas les and the beginning balance of receivable is expected to be collected in the 1st quarter and is $155,000. Subsequent collections are 55%% in the quarter when sales take place and 40%s in the following quarter. The sales forecast for the coming uarter $600,000 and 2nd quarter $750,000. Direct materials of $225,000 and $285,500 are purchased and paid for in the 1st and 2nd quarter. Direct labour of $320,000 and $270,000 is incurred and paid for in the Ist and 2nd quarter. Factory overhead of $61,000 will scurred and paid each quarter. Equipment of $38,000 will be purchased and paid for in second quarter. Required: Prepare a ca get for the 1st and and quarter