Reference no: EM132936600
Question - 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 for the first and the second quarter:
1st Quarter 2nd Quarter
Total cash receipts $280,000 $430,000
Total cash disbursements $330,000 $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 12%. 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.
b. What is the Total Cash Available in the 2nd Quarter.
c. What is the excess or deficiency (indicated with a - sign) of cash available over disbursements Blank 3.
d. What is the Total Financing in the 2nd Quarter (indicate cash outflow by a - sign in front of the number Blank 4.
e. What is the Ending cash balance for the 2nd Quarter.
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