Extra Instructions for Calculated Numeric questions a. DO NOT put a $ sign in front. For example, if your answer is $1234 you should write 1234 as your answer. b. Indicate a negative number by putting a minus sign in front. Therefore, if your answer is negative 1234 you need to post-1234 as your answer. c. Round your answer to the nearest whole number, Le. no decimal points. So if your answer is 1234.60 you should write 1235. Extra instructions for Calculated Numeric questions a. DO NOT put a $ sign in front. For example, if your answer is $1234 you should write 1234 as your answer. b. Indicate a negative number by putting a minus sign in front. Therefore, if your answer is negative 1234 you need to post-1234 as your answer. c. Round your answer to the nearest whole number, l.e. no decimal points. So if your answer is 1234.60 you should write 1235. 1. Martini Mart is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows for the first and the second quarter. 1st Quarter2nd Quarter Total cash receipts $250,000 $420,000 Total cash disbursements$360,000 $300,000 The company's beginning cash balance for the upcoming fecal year will be $40,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a yearly interest rate of 6% 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 Required: Answer the following questions about the Cash Budget for the second quarter. (Repayments, and interest, should be indicated by a minus sign.) a. What is the beginning cash balance for the 2nd Quarter Total cash receipts $250,000 $420,000 Total cash disbursements $360,000 $300,000 The company's beginning cash balance for the upcoming fiscal year will be $40,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a yearly interest rate of 6%. 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. Required: Answer the following questions about the Cash Budget for the second quarter. (Repayments, and interest, should be indicated by a minus sign.) What is the beginning cash balance for the 2nd Quarter b. What is interest to be disclosed in the income statement at the end of the 1 quarter What is the interest to be paid out in the 2nd quarter d. What is the Total Financing in the 2nd Quarter (indicate cash outflow by a-sign in front of the number e. What is the Ending cash balance for the 2nd Quarter