Garden Depot is a retailer that is preparing its budget for theupcoming fiscal year. Management has prepared the following summaryof its budgeted cash flows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter |
| Total cash receipts | $290,000 | $410,000 | $340,000 | $360,000 |
| Total cash disbursements | $351,000 | $321,000 | $311,000 | $331,000 |
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The company’s beginning cash balance for the upcoming fiscalyear will be $47,000. The company requires a minimum cash balanceof $10,000 and may borrow any amount needed from a local bank at aquarterly interest rate of 3%. The company may borrow any amount atthe beginning of any quarter and may repay its loans, or any partof its loans, at the end of any quarter. Interest payments are dueon any principal at the time it is repaid. For simplicity, assumethat interest is not compounded.
complete the company's cash budget for the upcoming fiscal year.(Cash deficiency, repayments, and interest, should beindicated by a minus sign.)
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| | Garden Depot | | Cash Budget | | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Year | | Beginning cash balance | | | | | | | Total cash receipts | | | | | | | Total cash available | | | | | | | Less total cash disbursements | | | | | | | Excess (deficiency) of cash availableover disbursements | | | | | | | Financing: | | | | | | | Borrowings | | | | | | | Repayments | | | | | | | Interest | | | | | | | Total financing | | | | | | | Ending cash balance | | | | | |
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