Garden Depot is a retailer that provided the following budgeted cash flows for next year: 3rd Quarter $ 330,000 $ 304,000 Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter $ 280,000 $ 400,000 $ 314,000 $ 344,000 4th Quarter $350,000 $ 324,000 The company's beginning cash balance for next year will be $45,000. 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.

Garden Depot is a retailer that provided the following budgeted cash flows for next year: 3rd Quarter $ 330,000 $ 304,000 Total cash receipts Total cash disbursements 1st Quarter 2nd Quarter $ 280,000 $ 400,000 $ 314,000 $ 344,000 4th Quarter $350,000 $ 324,000 The company's beginning cash balance for next year will be $45,000. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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