Problem #1 - 20 points Directions: Complete this Cash Budget given the following rules: 1. The interest will be calculated as 11% per year. 2. The ending cash balance needs to be $15,000 after paying interest. 3. Borrowing and repayment needs to be in multiples of $1,000 Nov. Dec. Cash Budget Oct. 20,500 81,000 114,000 116,000 62,000 23,000 50,000 56,950 30,100 4,000 Beginning Cash Balance Add Cash Receipts Cash Available Less Payments For Inventory Purchases For S&A Expenses Purchase of Store Fixtures Total Budgeted Payments Surplus/(Shortage) Financing Activity Borrowing Interest Expense Repayment Ending Cash Balance 38,000 22,200 30,000 90,200 135,000 91,050