The president of Univax, Inc., has just approached the company's bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. 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 To provide this information for the bank the president has directed that the following data be gathered from which a cash budget can be prepared: a. Budgeted sales and merchandise purchases for Year 2. as wed as actual sales and purchases for the last quarter of Year 1, are as follows: EMerchandise Year 1 350,000 $250,000 $450,000 $330,000 $650,000 $440,000 Fourth quarter actual Year 2 First quarter estimated Second quarter estimated $550,000 $380,000 Third quarter estimated Fourth quarter esimated $530,000 $310,000 b. The company typically collects 53% of a quarter's sales before the quarter ends and another 45% in the e. Some 10% ofa quarters merchandise purchases are paid fr witinthequartettere nanderis pad in d. Selling and administrative expenses for Year 2 are budgeted at $84,000 per quarter plus 8% of sales, or e. The company will pay $11,000 in cash dividends each quarter following quarter. The remainder is uncollectible. This pattem of collections is now being experienced in he actual data for the Year 1 fourth quarier the following quarter the foxed amount, $15,000 each quarter is depreciation. Landpurchases wil be made as follows during the year. S96.000 in the second quarter and S48500 in t the third quarter balance of at least $34,000 $10,000 at the beginning of each quarter, up to a total loan balance of $100,000. The interest rate on g The Cash account contained $36,000 at the end of Year 1. The compary must maintain a minimum cash h. The company has an agreement with a local bank that allows the company to borrow in increments of these loans is 1% per month, and for simplicity, we wil assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the year L At present, the company has no loans outstanding Required: 1a. Prepare a schedule of expected cash collections on sales by quarter and in total for Year 2. (Leave no cells blank-be certain to enter "O wherever required. Omit the "$ sign in your response.) Schedule of Expected Cash Collections Fr Sacand uarhrd Total Year 1-Fourth quarter sales Year 2-First quarter sales Year 2-Seoond quarter sales Year 2-Third quarter sales Year 2-Fourth quarler sales S 157500 0 S 157500 441000 539000 238500 202500 291500 247500 344500 Total cash collections S 306000 494000$ 592000 $ 573400$ 2065400 0 S 157500 441000 539000 637000 157500 Year 1- Fourth quarter sales Year 2-First quarter sales Year 2-Second quarter sales Year 2- Third quarter sales Year 2- Fourth quarter sales 202500 291500 247500 292500 396000494000 592000 573400 $ 2055400 Total cash collections 1b. Prepare a schedule of expected cash disbursements for merchandise purchases, by quarter and in total for Year 2. (Leave no cells blank- be certain to enter "" wherever required. Omit the "$" sign in your response.) Schedule of Expected Cash Year 2 Quarter $ 225000 0225000 330000 380000 Year 1-Fourth quarter purchases Year 2-First quarter purchases 297000 Year 2-Second quarter purchases Year 2-Third quarter purchases Year 2-Fourth quarter purchases 38000 342000 4400039600040000 Total cash disbursements 396000 $ 494000 $ 592000 573400 $2055400 2. Computs t he expected cash disbursements for selling and administrative expenses, by quarter and in otal, for Year 2(Omit the " sign in your response.) Second 2. Compute the expected cash disbursements for selling and administrative expenses, by quarter and in otal, for Year 2 (Omit the "5 sign in your response.) First Second Third Fourth 3. Prepare a cash budget by quarier and in total for Year 2. Input all amounts as positive values except cash deficiency, repayments and interest which should be indicated by a minus sign Leave no cells blank . be certain to enter "V" wherever required. Omit the "S- sign in your Univax, Inc. Cash Budget Cash balance, beginning Add collections from sales Total cash available Merchandise purchases Operating expens Totail disbursements Excess (defciency) of receipts over disbursements Total financing Cash balance, ending 20