nces Garden Depot is a retailer that provided the following budgeted cash flows for next year. Total cash receipts Total cash disbursements 1st Quarter $ 270,000 $ 323,000 2nd Quarter 3rd Quarter $ 420,000 $ 300,000 $ 293,000 $ 283,000 4th Quarter $ 320,000 $ 303,000 The company's beginning cash balance for next year will be $38,000. The company requires a minimum cash balance of $10,000 and may borrow money at the beginning of any quarter and may repay any part of its loans at the end of any quarter. Interest payments, based on a quarterly interest rate of 3%, are due on any principal at the time it is repaid. For simplicity, assume interest is not compounded. Required: Prepare the company's cash budget for next year. Note: Repayments, interest, and cash deficiencies should be indicated by a minus sign. Beginning cash balance Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total cash receipts 270,000 420,000 300,000 Total cash available 270,000 420,000 300,000 320,000 320,000 1,310,000 Total cash disbursements 323,000 293,000 283,000 303,000 1,202,000 Excess (deficiency) of cash available over disbursements (53,000) 127,000 17,000 17,000 Financing Borrowings Repayments Interest Total financing Ending cash balance 0 (63,600) 0 1,890 0 (61,710) 0 $ (53,000) $ 65,290 $ 17,000 $ 0 17,000