NOTE: All items are expected to be paid in the quarter in which it was incurred except for Depreciation! Variable Expenses -Ca|culated based on units of sales 0 Sales Commissions - $4.50 0 Freight Out - $2.00 Fixed Expenses per quarter: 0 Advertising - $7,000 0 Sales Salaries - 25,000 0 Office Salaries - 12,500 0 Depreciation - 3,500 0 Property Tax Insurance - 3,000 Income Taxes Estimate for full year is $18,000 and is expected to be paid evenly each quarter. Interest Expense for the full year is estimated to be $500 and used when repaying borrowed funds. Combined Cash Budget detail information: 1. Cash balance as of Jan 1, 2025 is expected to be $125,000 and Data's cash on hand policy requires them to have a minimum of $15,000 on hand at the end of each month. 2. Account receivable balance for Dec 31, 2024 is $110,000 and is expected to be collected in the first quarter of 2025. Short-term investments are planned to be sold for $25,000 cash in the first quarter. 4. Accounts payable balance of $35,500 at Dec 31, 2024 is planned to be paid in full in the first quarter of 2025. 5. Management plans to purchase a truck in the second quarter for $50,000. Income tax payments are made quarterly by Data based on the estimated annual amount. 7. Loans are repaid with interest in the earliest quarter possible in which there is a sufficient amount of cash on hand after meeting the $15,000 minimum requirement. Loans are borrowed in $1,000 increments. 5\" 9" Balance Sheet Data Needed: Balances as of Dec 31, 2024 Building and Equipment - $368,000 Accumulated depreciation - 55,100 Common Stock - 375,000 Retained Earnings - 271,503 Check Figures: *Total Assets = $1,050,550 *Net income for the full year = $313,904 *Cost per Unit = $100.00 *Ending Cash Balance = $42,508 NOTE: Budget Year = 2025 Prior Year = 2024 Following year = 2026 EXTRA NOTE: DO NOT USE Multiple Tabs Put Entire Budget on ONE TAB. Make sure your spreadsheet is fully connected from section to section, I will check to make sure your income statement updates automatically when the sales data is changed the net income should automatically update. Spreadsheet Connectivity Test: I will test your spreadsheet by changing the unit-selling price to $150, when this change is made the Net income should be 51,039,404. Hint: Be sure to include the impact to your cash budget to determine if you still need to borrow cash. All changes should update automatically with the price change to get full points. NOTE: You will need to use