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Prepare the company cash budget for the upcoming fiscal year

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Reference no: EM13490459

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budget cash flows:

 

 

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Total cash receipts

$180,000

$330,000

$210,000

$230,000

Total cash disbursements

$260,000

$230,000

$220,000

$240,000

 

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.

Prepare the company's cash budget for the upcoming fiscal year.

 

Reference no: EM13490459

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