The Tracey Company is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total cash receipts $340,000 $670,000 $410,000 $470,000 Total cash disbursements $530,000 $450,000 $430,000 $480,000 Beginning cash balance, 1st quarter $50,000 Minimum cash balance required $30,000 Quarterly interest rate on borrowings 3% If nothing is req'd in a financing cell $0 The company requires a minimum cash balance of $30,000. The company may borrow any amount at the BEGINNING of any quarter and may repay its loans, or any part of its loans, and the END of any quarter. Interest payments are due on any principal at the time it is repaid. Repayments of principal and interest should be shown as NEGATIVE NUMBERS. Required: PLEASE, PLEASE, PLEASE read all of the stuff on this page. Prepare the company's cash budget for the upcoming fiscal year in the spaces below. EVERY cell should be a formula or cell reference. (Hint: We need to borrow in the first quarter and we have enough to pay it back, with the interest, in the second quarter.) Look at the formulas that I did in the pinkish cells. You do not need to change those. Look at my hints for A, B, C starting in row 38. Formulas and/or cell references must be used for the yellow cells. Repayments and Interest in the 2nd Quarter should be NEGATIVE. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Cash balance, beginning $50,000 $0 $0 $0 Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over cash disbursements Financing: Borrowings (at beginning of qtr.) (A) 0 (Repayments) (at end of qtr.) (B) (Interest) (C) Total financing Cash balance, ending $0 $0 $0 HINTS: (A) This formula will be B11-830 (B) This formula will be -B32 (yes, that's a minus sign and not an equal sign) (C) This formula will be =E33812'2 Rubric: Each yellow cell is worth 1/2 points You must use a formula or cell reference for each yellow cell. If you just type in your number you will get zero points. Please let me know if you need help with the formulas. 0 0 OOOO 0 0 0 0 0 50