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Exercise 8-7 (Algo) Cash Budget [LO8-8] Garden Depot is a retailer that is preparing its...

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Exercise 8-7 (Algo) Cash Budget [LO8-8] Garden Depot is a retailer that is preparing its budget for the upcoming fiscal yeat, Management has prepared the following summary of its budgeted cash flows: The company's beginning cash balance for the upcoming fiscal year will be $28,000. 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 moy borrow any a mount at the beginning of any quarter and moy repay its loans, or any part of its loans, ot the end of any quartec. Interest payments are due on any principst at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscol year. (Repayments, interest, and cash deficiencies should be indicated by a minus sign.)

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