QUESTION 8 Not yet answered Marked out of 24.00 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 $450,000 $460,000 $420,000 Cash disbursements 410,000 540,000 440,000 The expected cash balance at january 1, 2016, is $95,000. Windsor wants to maintain a cash balance at the end of each month of at least $80,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31, 2016 Windsor Corporation Cash Budget for the Quarter Ended March 31, 2016 January February March Beginning cash balance s Cash receipts Short-term borrowings Cash available Cash disbursements Interest payment Total cash disbursements Ending cash balance$