Exercise $8-7($Algo$)$ Cash Budget $[$LO$8-8]$

Garden Depot is a retailer that provided the following budgeted cash flows for next year:

$\backslash$table$[[,1$st Quarter,$2$nd Quarter,$3$rd Quarter,$4$th Quarter$],[$Total cash receipts,$$360,000,$$$480,000,$$$410,000,$$$430,000],[$Total cash disbursements,$$400,000,$$$370,000,$$$360,000,$$$380,000]]$

The company's beginning cash balance for next year will be $$18,000.$ The company requires a minimum cash balance of $$10,000$ and may borrow money at the beginning of any quarter and may repay any part of its loans at the end of any quarter. Interest payments, based on a quarterly interest rate of $3\%,$ are due on any principal at the time it is repaid. For simplicity, assume interest is not compounded.

Required:

Prepare the company's cash budget for next year.

Note: Repayments, interest, and cash deficiencies should be indicated by a minus sign.

$\backslash$table$[[$Garden Depot$],[$Cash Budget$],[,1$st Quarter,$2$nd Quarter,$3$rd Quarter,$4$th Quarter,Year$],[$Beginning cash balance$],[$Total cash receipts$],[$Total cash available$],[$Total cash disbursements$],[$Excess $($deficiency$)$ of cash available over disbursements$],[$Financing:$],[$Borrowings$],[$Repayments$],[$Interest$],[$Total financing$],[$Ending cash balance,,,,,$]]$