ZUFTIC CUMPANT Cash Budget For the Year Ended December 31, 2021 Q1 02 0 Cash balance, beginning Excess (deficiency) of cash available over disbursement Cash balance before reserve requirement Balance available for repayment (required borrowing) Financing: Amount borrowed (beginning of period) Principal repaid Interest paid Total financing (or repayments for the period) Cash balance after financing - Free cash balance Cash balance, ending $ 0 $ 7 of 7 1000 0 0 $ Next Q3 0 0 $ 69 04 0 0 $ Year 0 0 Check my work 3 853 PM

The following schedule shows the excess of cash receipts over cash disbursements projected for the Zoptic Company for 2021: 02 03 04 Year Excess (deficiency ) of cash available over disbursements $ (132, 300) $(50, 680) $136,780 $51, 300 $5, 100 The company borrows and repays from an open line of credit in round $100 amounts. Loan related payments are made in periods when cash is available with interest paid on only the portion of any principal being repaid. The current balance (principal plus accrued interest) in the line of credit account is $3,328 for the borrowing that occurred in the last quarter of the previous year. The annual interest rate is 16%. A minimum cash reserve of $600 must be maintained each quarter. The opening balance for the year is expected to be $1,680. ces Required: Prepare a cash budget for each quarter and for the year in total and calculate the annual interest expense on the line of credit that would appear on the budgeted income statement for the year 2021. (Any "Repayments" and "Interest" should be indicated by a minus sign.) ZOPTIC COMPANY Cash Budget For the Year Ended December 31, 2021 Q1 Q2 Q3 Q4 Year Cash balance, beginning Excess (deficiency) of cash available over disbursement Cash balance before reserve requirement 0 0