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Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $340,000 337,000 $307,000$297,000 $317,000 $290,000 $440,000 $320,000 The company's beginning cash balance for the upcoming fiscal year will be $42,000. 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 may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Complete the company's cash budget for the upcoming fiscal year. (Cash deficiencies, disbursements repayments, and interest should be indicated by a minus sign.) Answer is complete but not entirely correct. Garden Depot Cash Budget 1st 2nd 3rd 4th Year $42.000 127,550150,550 10,000 Beginning cash balance Total cash receipts Total cash available Less total cash disbursements Excess of cash available over disbursements $ 42,000 340,000 1,390,000 50,000447,550 490,550 1,432,000 290,000 440,00001 320,00001 332,000 337,000 o 307,000. 297,000. 317,000. 1,258,000 (5,000) 143,0001 173,550 174,000 001 15,000 0 (15,000) 0 (450) (450) 173,550 15,000 Interest Total financing Ending cash balance 00 00 (15,000) (450) (15,450) 15,000 10,000 75 50,550 173,550 173

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