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tis a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary ed cash flows: receipts disbursements 1st Quarter $ 180,000 $ 260,000 ash balance eceipts vailable 2nd Quarter $ 330,000 $ 230,000 's beginning cash balance for the upcoming fiscal year will be $20,000. The company requires a minimum cash balance nd may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any e beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments ny principal at the time it is repaid. For simplicity, assume that interest is not compounded. lisbursements iciency) of cash available over disbursements 3rd Quarter $ 210,000 $ 220,000 company's cash budget for the upcoming fiscal year. (Repayments, interest, and cash deficiencies should be indicated sign.) 4th Quarter $ 230,000 $ 240,000 Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ $ 20,000 $ 180,000 200,000 60,000 140,000 10,000 $ 330,000 340,000 230,000 110,000 35,800 210,000 245,800 220,000 25,800 25,800 230,000 255.800 240,000 15,800 $ Year 20,000 950,000 970.000 950,000 20,000

tis a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary ed cash flows: receipts disbursements 1st Quarter $ 180,000 $ 260,000 ash balance eceipts vailable 2nd Quarter $ 330,000 $ 230,000 's beginning cash balance for the upcoming fiscal year will be $20,000. The company requires a minimum cash balance nd may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any e beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments ny principal at the time it is repaid. For simplicity, assume that interest is not compounded. lisbursements iciency) of cash available over disbursements 3rd Quarter $ 210,000 $ 220,000 company's cash budget for the upcoming fiscal year. (Repayments, interest, and cash deficiencies should be indicated sign.) 4th Quarter $ 230,000 $ 240,000 Garden Depot Cash Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ $ 20,000 $ 180,000 200,000 60,000 140,000 10,000 $ 330,000 340,000 230,000 110,000 35,800 210,000 245,800 220,000 25,800 25,800 230,000 255.800 240,000 15,800 $ Year 20,000 950,000 970.000 950,000 20,000

FINANCIAL ACCOUNTING
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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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 $ 180,000 $ 260,000 2nd Quarter $ 330,000 $ 230,000 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements 3rd Quarter $ 210,000 $ 220.000 The company's beginning cash balance for the upcoming fiscal year will be $20,000. 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 Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, interest, and cash deficiencies should be indicated by a minus sign.) Garden Depot Cash Budget 1st Quarter $ 4th Quarter $ 230,000 $ 240,000 3rd Quarter 4th Quarter 35,800 $ 210,000 245,800 220,000 25.800 2nd Quarter 20,000 $ 10,000 $ 330,000 180,000 200.000 340,000 60.000 230,000 140.000 110,000 25,800 $ 230,000 255,800 240.000 15,800 Year 20.000 950,000 970,000 950,000 20,000
Transcribed Image Text: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 $ 180,000 $ 260,000 2nd Quarter $ 330,000 $ 230,000 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements 3rd Quarter $ 210,000 $ 220.000 The company's beginning cash balance for the upcoming fiscal year will be $20,000. 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 Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments, interest, and cash deficiencies should be indicated by a minus sign.) Garden Depot Cash Budget 1st Quarter $ 4th Quarter $ 230,000 $ 240,000 3rd Quarter 4th Quarter 35,800 $ 210,000 245,800 220,000 25.800 2nd Quarter 20,000 $ 10,000 $ 330,000 180,000 200.000 340,000 60.000 230,000 140.000 110,000 25,800 $ 230,000 255,800 240.000 15,800 Year 20.000 950,000 970,000 950,000 20,000
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