Westex Products is a wholesale distributor of industrial cleaning products. The company treasurer has assembled the following information to assist in preparing a detailed cash budget to support the companys loan application for short-term financing with a local bank:

1. Budgeted sales and merchandise purchases for the year 2020, as well as actual sales and purchases for the last quarter of 2019, are as follows:

3. Prepare a cash budget, by quarter and in total, for the year 2020. In your budget, clearly show the quarter(s) in which borrowing will be necessary and the quarter(s) in which repayments can be made, as requested by the companys bank. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments", "Interest" and "Deficiency of cash" should be indicated by a minus sign.)

Merchandise Purchases Sales $ 580,000 $365,400 2019: Fourth-quarter actual 2020: First-quarter estimated Second-quarter estimated Third-quarter estimated Fourth-quarter estimated 870,000 1,160,000 1,450,000 580,000 539,400 719,200 884,500 365,400 3. Prepare a cash budget, by quarter and in total, for the year 2020. In your budget, clearly show the quarter(s) In which borrowing will be necessary and the quarter(s) in which repayments can be made, as requested by the company's bank. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments", "Interest" and "Deficiency of cash" should be indicated by a minus sign.) WESTEX PRODUCTS Cash Budget for year 2020 First Second Third Fourth Year Total cash available 0 0 0 0 0 Deduct: Disbursements: 0 0 0 0 Total disbursements Excess (deficiency) of receipts over disbursements Financing: Total financing 0 0 4. Consider the cash balance at the end of the fourth quarter as calculated In Requirement (3). Recalculate the ending balance if repayment of principal can be in round $100 amounts. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Ending cash balance