Reilly Golf Park eliminates any cash deficiency by borrowing the exact amount needed from First Street Bank, where the current interest rate is

6%

per year.

Reilly

Golf Park first pays interest on its outstanding debt at the end of each month. The company then repays all borrowed amounts at the end of the month with any excess cash above the minimum required but after paying monthly interest expenses.

Reilly

does not have any outstanding debt on

April

1.

Complete the cash budget. Round interest expense to the nearest whole dollar.

0 You recently began a job as an accounting intern at Reilly Golf Park. Your first task was to help prepare the cash budget for April and May. Unfortunately, the Reilly Golf Park eliminates any cash deficiency by borrowing the exact amount needed from First Street Bank, where the current interest rate is 6% per year. Reilly computer with the budget file crashed, and you did not have a backup or even a paper copy. You ran a program to salvage bits of data from the budget file. After Golf Park first pays interest on its outstanding debt at the end of each month. The company then repays all borrowed amounts at the end of the month with any entering the following data in the budget, you may have just enough information to reconstruct the budget. excess cash above the minimum required but after paying monthly interest expenses. Reilly does not have any outstanding debt on April 1. (Click the icon to view the cash budget.) Complete the cash budget. Round interest expense to the nearest whole dollar. (Complete all input fields. Enter a "U" for zero balances. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign when the amount is a net outflow. Round interest expense to the nearest whole dollar.) Reilly Golf Park x Data Table Cash Budget Two Months Ended May 31 April Reilly Golf Park Beginning cash balance $ 18,300 Cash Budget Cash receipts Two Months Ended May 31 Cash from sale of plant assets April May Cash available 108,900 Beginning cash balance $ 18,300 $ ? Cash payments: Cash receipts ? 80,100 Purchase of inventory 0 1,900 Cash from sale of plant assets Selling and administrative expenses 47.400 Cash available 108,900 ? Interest expense Cash payments: 98,100 Total cash payments Purchase of inventory ? 43,000 Ending cash balance before financing Selling and administrative expenses 47,400 ? Minimum cash balance desired (20,000) Interest expense 98,100 Cash excess (deficiency) Total cash payments Financing Ending cash balance before financing ? 21.900 Borrowing Minimum cash balance desired (20,000) (20,000) Principal repayments Cash excess (deficiency) ? 2 Total effects of financing Financing Ending cash balance Borrowing ? Principal repayments ? ? Enter any number in the edit fields and then click Check Answer. Total effects of financing 2 2 2 1 part remaining Ending cash balance Check Answer Print Done