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Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...

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Accounting

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 Quarter2nd Quarter3rd Quarter4th Quarter
Total cash receipts$290,000$410,000$340,000$360,000
Total cash disbursements$351,000$321,000$311,000$331,000

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.)

Garden Depot
Cash Budget
1st Quarter2nd Quarter3rd Quarter4th QuarterYear
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

Answer & Explanation Solved by verified expert
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Garden DepotCashBudget1st Quarter2nd Quarter3rd Quarter4th QuarterYearBeginning cash    See Answer
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