Tri$-$County Social Service Agency is a not$-$for$-$profit organization in the Midwest. Use the following information to complete the cash budget for the year ending December $31.$

The Board of Trustees requires that Tri$-$County maintain a minimum cash balance of $$8,000.$

If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $$8,000$ minimum.

It is anticipated that the year will begin with an $$11,000$ cash balance.

Contract revenue is received evenly during the year.

Mental health income is expected to grow by $$5,000$ in the second and third quarters; no change is expected in the fourth quarter.

Required:

$2.$ Complete the cash budget for each quarter and the year as a whole.

$3.$ Determine the amount that the agency will owe the endowment fund at year$-$end.