Question 1 (of 4) Exercise 2-6 Traditional And Con.. Chapter 8:Homework Saved Help S 5 Exercise 8-7 Cash Budget (L08-8 142 points Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summay of its budgeted cash flows Total cash receipts Total cash disbarsements $337,000 $307,000 $297,000 $317,000 290,000 s 440,000 s 320,000 s 340,000 The company's beginning cash balance for the upcoming fiscal year will be $42,000. The company requires a minimum cash balance of S10.000 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. (Cash deficlency, repayments and interest should be indicated by a Print minus sign.) References Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning cash balance Total cash recepts Total cash avalable y) of cash available over disbursements Borrowings Interest C Prev 5 of 7lI Next Question 1 (of 4) Exercise 2-6 Traditional And Con r 8: Homework Saved Help Exercise 8-8 Budgeted Income Statement(LO89] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the folo summary data to use in its annual budgeting process: Budgeted unit sale Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Pixed selling and adninistrative expense (per year) Interest expense for the year 620 $ 2,030 $1,595 65 s 200,000 $ 19,000 eBlook Hint Required: Prepare the company's budgeted income statement for the year Print Gig Harbor Boating Reterences