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2020 Uncollectible Accounts $22,400 Taxes Payable $13,200 (paid on 1st Quarter of the following year) Dividends Payble $500,000 (paid 2" Quarter of the following year) 2021 Account Receivable $1,296,345.60 Uncolectible Accounts $110,912.00 Inventories: Raw Materials $33,750.00 Finished Goods $ 175,000.00 PPE $420,000 Accumulated Depreciation $96,000 Accounts Payable $287,880.00 Dividends Payable $360,400 (paid 2 Quarter of the following year) Common Stock $1,689,600I. Cash Budget 2021 QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 Beginning Balance of Cash 18,000.00 20,557.25 15,489.91 19,395.88 2,640,224.0 2,893,016.3 Add: Collection From Customers 0 2,784,441.60 2 3,142,189.95 Interest on Long Term Investment 7,650.00 12,000.00 20,700.00 2,658,224.0 2,920,506.2 Total Cash Available 0 2,812,648.85 3 3,182,285.83 Less: Estimated Disbursements Payments for Material Purchase 303,006.75 318,982.94 336,326.75 362,264.82 Direct Labor 808,000.00 888,800.00 977,680.00 1,058,320.00 OH 185,460.00 149,176.00 162,063.60 173,756.40 SAE 308,000.00 260,200.00 265,040.00 280,044.00 Payments for Income Tax 13,200.00 Dividends 500,000.00 Acquisition of New Asset 100,000.00 1,617,666.7 1,741,110.3 Total Disbursements 5 2,217,158.94 5 1,874,385.22 1,040,557.2 1,179,395.8 Closing Available Cash Balance 595,489.91 8 1,307,900.61 1,020,000.0 1,160,000.0 Long Term Investment 0 580,000.00 0 1,290,000.00 Long Term Investment (Carrying 1,020,000.0 2,760,000.0 Amount) 0 1,600,000.00 0 4,050,000.00 Borrowings Ending Balance of Cash 20,557.25 15,489.91 19,395.88 17,900.61 Il. Income Statement 2021 Sales 11,765,680.00 Less: Cost of Sales 5,800,056.00 Gross Profit 5,965,624.00 Less: SAE 1,113,284.00 Net Operating Profit 4,852,340.00 Less Interest Expense Net Income Before Taxes 4,852,340.00 Less: Provision for Income Tax (30%) 1,455,702.00 Net Income After Taxes 3,396,638.00 Note: Income Tax is paid on the first quarter of the following year. Requirement 1. Budgeted Financial Position