Question Help ty-E22-29 (similar to) Harp Company requires a minimum cash balance of $3,000. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month expected excess cash is used to repay any amounts owed Interest owed rom the prevous month's principal balance is paid on the first of the month at 10% per year. The company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest. Click the icon to view the completed budget information.) Data Table y, then prepare the cash budget for February and March. Finally, prepare the totals for the quarter. (Complete all answer boxes Enter a "O for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficency andior negative effects of financing with Harp Cash Budget S 3,000 18,500 3 80 Dil 2 5 6 8 9 0 Beginning cash balance Cash receipts Cash available Cash payments s 3,000 18,50029,500 45,000 93,000 21,500 33,000 37 All expenses except interest 36,000 37.000 106,000 Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired 36,000 (3,000) (3,000) (3,000) (3,000) nProjected cash excess (deficiency) Financing Print Done An Data Table require s cash ready c on to vi All expenses except interest 36,000 33,000 37,000 106,000 Interest expense Total cash payments any zeroEnding cash balance before financing have an 36,000 aring the r parenth (3,0 000)(3,000) (3,000) (3,000) Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments ash balanc Total effects of financing ots umber in th Ending cash balance Print Done ing udio Salo. Score: 0 of 1 pt 6 of 14 (1 complete) s a variety... E22-29 (similar to) Harp Company requires a minimum cash balance of $3,000. When the company expects a cash deficiency, it borrows the exact amount Expected excess cash is used to repay any amounts owed. Interest owed from the previous month's principal balance is paid on the first company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except EBClick the icon to view the completed budget information) Harp does not have any outstanding debt on January 1. Complete the cash budget for the first quarter for Harp Company. Round interest Ending cash balance before financing (3,000) Minimum cash balance desired Projected cash excess (deficiency) Financing: Principal repayments Total effects of financing Enter any number in the edit fields and then click Check Answer. 3 Clear All
