Please give me the answers. along with the equations

0 PIUURI 9 Summer Inc. has provided budget assumptions listed below for Quarters 1-4 for the year 2021. 1 1. Sales are budgeted for Q1 at 7,500 units at $20 per unit. Subsequent quarter sales will increase incrementally by 2,000 units per quarter. 2 2. Cash Receipts: 13 a. Cash sales -30% of sales and are collected in the quarter of the sale. 14 b. Sales on account - 70% of sales and are collected as follows: 30% in the quarter of sale and the balance is collected in the subsequent quarter. 15 C. Accounts receivable balance - Dec 2020 - $15,000 16 17 3. Cash payments - purchases of materials are on account and full payment is made in the following quarter. 18 a. Direct materials purchased - Q1- $150,000, Q2- $200,000, 03-S100,000 and Q4 -$150,000. 19 b. Sales commission - 15% sales and paid in following quarter. 20 . Other operating expenses - Q1 - $15,000, Q2 - $16,000,Q3 - $14,000,04 - 19,000, and are paid in quarter incurred. 22 4. Accounts payable balance Direct Materials) - Dec 2020 - $100,000 21 24 5. The company requires a minimum $100,000 cash balance 25 26 6. The beginning cash balance on Q1 is $75,000, and the company has no outstanding loans, 27 28 7. Loans taken to meet the minimum balance requirement cost 1% interest per quarter (paid the following quarter). 29 Any excess cash is used to repay loans. an Instructions: Prepare a sales and cash budget using the information provided. Summer Inc. Sales Budget For Quarters 1-4, 2021 Total Q2 Q3 Budgeted Unt Sales Budgeted Unit Price Total Budgeted Sales Summer Inc. Cash Budget For Quarters 14, 2021 Q1 Beginning cash balance Cash receipts : Cash sales receipts Sales on account receipts AR Collections receipts Total cash available Cash payments for: Direct materials Sales commissions Other Operating Expenses Interest on bank loan Total cash payments 1 Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance Loan balance, end of quarter