Please help me, it keeps saying incorrect and I don't know where is the mistake!

The company wants to maintain a minimum cash balance of $35,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter. Principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000. Interest is 5% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter.

I entered cash received, totally cash payment before interest, from another budget, and I chose 20000 randomly.

BF TELLO Formatting Lab Format Painter Clipboard 15 Number Font Anment E22 -E15+619 G H C 5 6 7 D Cash Budget For the year ended December 31, 2020 First Quarter Second Quarter Third Quarter $35,000 $35,239 $53,519 Total Fourth Quarter $55,638 $35,000 Beginning cash balance 97,175 94,350 109,350 124,350 Cash receipts 425,225 9 132,175 129,589 162,869 179,988 460,225 30 11 Cash available Cash payments: Total cash payments before interest 116,936 76,070 86,981 95,462 375,449 12 0 250 250 0 500 13 Interest expense 116,936 Total cash payments 76,320 87,231 95,462 14 15,239 Ending cash balance before financing 53,519 75,638 34,526 375,949 375,449 (35,000) 15 Minimum cash balance desired (35,000) (35,000) 16 (35,000) (35,000) (19,761) Projected cash excess (deficiency) 18,519 40,638 49,526 12 84,276 TB Financing: Borrowing 20,000 0 0 0 19 20,000 Principal repayments 0 0 20 O (20,000) Total effects of financing 0 Ending cash balance 20,000 $35,239 Coro $53,519 Try Again (20,000) (20,000) 0 $55,638 $84,526 Tycan Try Again Cash Budget $375,449 Try Again dom COM b Copy aste 3 Format Painter BIU. 2. A @ Me Clipboard 5 Font Alignment 13 X fix B C D E Balance Sheet & Additional Data 3 4 5 6 co 10 $35,000 32,000 8,400 15,600 12 13 $91,000 Nicole's Knives Balance Sheet December 31, 2019 ASSETS Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets LIABILITIES Current Liabilities Accounts Payable STOCKHOLDERS' EQUITY Common Stock Retained Earnings Total Stochalders Equity Total Liabilities & Stockholders Equity 168.000 (68.000) 16 17 18 100.000 $191,000 20 23 17.000 140.000 174.000 $191,000 8 Direct Materials: 17,000 3,595 2,397 10 Accounts Payable balance, 12/31/19 01 direct materials purchases 02 direct materials purchases 3 direct materials purchases 04 direct materials purchases 11,592 7,728 11 13,272 8.848 12 16,733 13 Total payments for direct materials $20,595 $13,989 $21,000 $81,165 $25,581 Direct Labor: 15 $11,400 $20,100 $23,100 $26,100 $80,700 Total payments for direct labor Manufacturing Overhead: 17 4,020 4,620 5.220 16,140 2.280 Variable manufacturing overhead 18 13,061 13.061 13,061 13,061 52.244 19 Utilities, insurance property taxes $17,081 $15,341 $17,681 $18,281 $68,384 Total payments for MOH 20 Enuncul Strit Selling & Administrative Expenses Salaries Expense 12.500 12.500 12,500 12,500 50,000 Rent Expense 5,400 5,400 5,400 5,400 23 21,600 1.050 1,050 1.050 1,050 4,200 Insurance Expense 24 1.650 2.250 1950 2.550 Supplies Expense 8.400 $20,600 $20,900 Total payments for S&A expenses $21,500 $21,200 $84,200 Income Taxes $4,000 $4,000 $4,000 $4,000 Total payments for income taxes $16,000 28 20 Copital Expenditures: $45,000 $45,000 30 Total payments for capital expenditures Total cash payments before interest) $95,462 $375,449 $116,936 Correct $76,070 Correct $86,981 cometti Correal Correct Accounts Payable balance, 12/31/20 04 direct materials purchases $11,155 34 35 Correct 37 3 59