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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: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 180,000 $ 330,000 $ 210,000 $ 230,000 $ 260,000 $ 230,000 $ 220,000 $ 240,000 The company's beginning cash balance for the upcoming fiscal year will be $20,000. 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. (Repayments, and interest, should be indicated by a minus sign.) Year 0 0 0 Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Beginning cash balance Total cash receipts Total cash available 0 Total cash disbursements Excess (deficiency) of cash available over disbursements 0 Financing: Borrowings Repayments Interest Total financing Ending cash balance S 0 0 0 0 0 0 0 0 0 S $ 0 $ 0 Answer is complete but not entirely correct. Garden Depot Cash Budget 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter Beginning cash balance $ 20,000 $ 10,000 $ 37,900 $ 27,900 Total cash receipts 180,000 330,000 210,000 230,000 Total cash available 200,000 340,000 247,900 257,900 Total cash disbursements (260,000) (230,000) (220,000) (240,000) Excess (deficiency) of cash available over disbursements (60,000) 110,000 27,900 17,900 Financing: Borrowings 70,000 Repayments (70,000) Interest (2.100) Total financing 70,000 (72,100) 0 0 Ending cash balance $ 10,000 $ 37,900 $ 27,900 $ 17,900 Year $ 20,000 950,000 970,000 950,000 20,000 70,000 (70,000) (2,100) $ 17,900