Prepare Cash Budget For 3 Months Windsor Corporation expects the following cash receipts and disbursements during the first quarter of 2016 (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1, 2016) January February March Cash receipts $490,000 $500,000 $460,000 Cash disbursements 450,000 580,000 480,000 The expected cash balance at January 1, 2016, is $135,000. Windsor wants to maintain a cash balance at the end of each month of at least $120,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31, 2016. WindsorCorporation Cash Budget for the Quarter Ended March 31, 2016 January February March Beginning cash balance $ 135,000 $ 0 $ Cash receipts 490,000 500,000 460,000 Short-term borrowings Cash available Cash disbursements 450,000 $ 580,000 $ 480,000 Interest payment 0 0 0 Total cash disbursements Ending cash balance 0 0 0 0 $ 0 $ 0 $ 0 $ 0 0 0 $ 0 $ 0 $ 0