PAOBLEM B-24 Cash Budget with Supporting Schedules [L02, L04, L07, L08] the precident of Univax, Inc., has jost approached the company's bank seeking short-lerm financing for the coming year, Year 2. Univax is a distribator of commercial vacuum cleaners. The bank has stated that the loan request most be accompanied by a detailed cash budget that shows the quarten in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be mado. To provide this infortharion for the bank, the president has directed that the following data be gathered fromi which a cash bedget can be prepared: a. Budgeted sales and merchandise parchaves for Year 2, as well as actual sales and porchases for the last quarter of Year 1 , are as follow: b. The company typically collects 33% of a quarter's sales before the quarter cnds and another 65% in the following quarter. The renainder is tincollectible. This pattem of collestiogs is c. Some 20% of a quarter's merchandke purchaves are pold for uithin the quarter. The remalhder is paid in the following quarter. d. Selling and admiaistrative expcoses for Year 2 are budgeted at $90,000 per quarier plas 1246 of tulen. Of the fivel ntmount, 520000 eacth quarter is depreciation. e. The compuny will pay $10,000 in cath dividends each quarter. f. Land purchace will be made an follows durine the years $50000 in the second quarter and 548,500 in the third quanter. c. The Casb accouat coatained $20.000 at the cond of Year I. The company most maintain a mini: them eath baluce of at teat sib, .000 h. The company has an agrocinest with a local bank, that allows the conpany to borrow in incre: ments of $10.000 at the bepinaing of each quater, op to a toal loan bulasce of $100,000. The 1a. Scheduli of expected cash collections 1b. Schedule of expected cath disbursements for merehandise purchases for Year 2 2. Budgeted seling and adrenistrative erpenses for Year 2 Given Data P08-24: UNIVAX, INC. Budgeted Sales and Merchandise Purchases