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Question No. 4 2.5+5+1.5=9 The president of Univax, Inc., has just approached the company's bank seeking short-term financing for 2021. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made. i. The company expects to receive a loan of $240,000 at an interest rate of 10%. If the loan is required then it will be taken on the first day of the quarter and repaid on December 31, 2020. On January 1, 2020, the company had a cash balance of $50,000 and accounts receivable balance of $125,000. The full amount of accounts receivable will be collected in the first ii. quarter of 2020. Page 4 of 5 iii. The sales budget of 2020 showed the following balances - 1st Quarter 2nd Quarter 3rd Quarter Sales ($) $200,000 $120,000 $700,000 4th Quarter $510,000 The sales manager gave the company the following information regarding the collection of sales values: 30% of a quarter's sales are collected in the quarter of sale, 60% in the quarter following sale, and 8% in the second quarter following sale. The remainder will be uncollectible. iv. During 2020, the production team has given the following requirements regarding their merchandise purchase requirements: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Merchandise purchase ($) $80,000 $120,000 $180,000 $50,000 V. Company generally pays the merchandise purchase amount in the next quarter of the purchase made. The accounts payable balance on January 1 is $47,500 which will be paid in the first quarter. The other payments budgeted for each quarter are as follows - 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Payroll $9,000 $10,000 $8,000 $12,000 Rentals $25,000 $25,000 $25,000 $25,000 Selling expenses $15,000 $18,000 $20,000 $30,000 Administrative expense $67,000 $82,000 $68,000 $65,000 Equipment Purchase $100,000 $20,000 Dividend $25,000 $15,000 Depreciation expense of $22,000 is included in the administrative expenses. Requirements: a) Prepare the schedule of expected cash collection for Univax, Inc. b) Prepare a cash budget to assist the company in assessing the requirement of the loan. c) If the company has to maintain a minimum cash balance of $50,000, then identify the minimum amount of loan and interest that could be repaid