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Exercise 8-7 (Algo) Cash Budget (L08-8] Book Hint Garden Depot is a retaller that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: ist Quarter 2nd Quarter Jed Quarter 4th Quarter Total cash receipts $ 310,000$430,000 $360,000 $ 380,000 Total cash disbursements $365,000 $335.000 $325,000 $ 345,000 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 at a quarterly Interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its 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 repold. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year (Repayments, and Interest, should be indicated by a minus sign.) Print rences 4th Quarter Year Beginning cash balance Total cash receipts Total cash available Garden Depot Cash Budget 1st Quarter 2nd Quarter 25,000 $ 10.000 310,000 430,000 305.000 440,000 sem SIEM 3rd Quarter 62.000 360,000 422,000 nel Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.) 4th Quarter Year Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter $ 25,000 $10,000 $ 62 800 310.000 430,000 360,000 335.000 440,000 422,600 365,000 335,000 325,000 (30,000) 105,000 97,600 0 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing Ending cash balance 40,000 (40,000) (2400) (42.400) 62.000 6 40,000 10,000 5 0 0 $ 97,000 $