Question Completion Status Question 11 30 points Save Answer a. Only whole numbers are to be entered as answers. Therefore, DO NOT put any signs in such as $, %, or a comma efc. In your answer. For example, w your answer is 51234 you should write 1234 as your answer and if your answer is 4%, write 4 as your answer. b. Indicate a negative number by putting a minus sign in front. Therefore. If your answer is negative 1234 you need to post - 1234 as your answer c. Round your answer to the nearest whole number, Le no decimal points. So if your answer is 1234.60 you should write 1235 Garden Depot is a reader that is preparing its budget for the upcoming fiscal year, Management has prepared the following summary of ts budgered con tow 1st Quarter2nd Quarterrd Quartet Quarter Total cash receipts $100,000 $340,000 $220,000 $240,000 Total cash disbursementa$ 267,000 $ 227,000 $227,000 $257.000 The company's beginning cash balance for the upcoming fiscal year will be $25,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank of a quarterly interest rate of %. The company may borrow any amount at the beginning of any quarter and may repay is loans, or any part of its loans, at the end of any quarter Interest payments are due on any principal the time it is repaid. For implicity, assume that interest is not compounded Required Prepare the company's cash budget for the upcoming fiscal year and answer the following questions 1. How much is the ending cash balance in the 1 quarter 9 How much is the interest paid in the in 2nd quarter. Note: Do not use a negative sign for the interest Question Completion Status: 1st Quarter2nd Quarterrd Quarterth Quarter Total cash receiptis $ 190,000 $340,000 $220,000 $240.000 Total cash disbursements $267.000 $ 237,000 $227,000 $257.000 The company's beginning cash balance for the upcoming fiscal year will be $25,000. The company requires a minimum cash balance of 10000 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 reply 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 simplicityme that internt is not compounded Required: Prepare the company's cash budget for the upcoming fiscal year and answer the following questions 1. How much is the ending cash balance in the 1" quarter 2. How much is the interest paid in the in 2nd quarter. Note: Do not use a negative sign for the interest 3. What is the finding Cash Balance in the 4th quarter 4. What is the beginning Cash Balance for the year 5. What is the total financing for the year
