2020 Revenue November 12 000 December 13 000 Purchases 7 000 8.500 Depreciation Office expenses 660 3 150 3 100 2021 January 15 000 9 000 February 13 000 7 500 March 14 000 April 16.000 9 500 6.500 6677 60 3 100 60 3.400 75 3.550 75 3 350 Additional information 1. 10% of all revenue are cash sales 2. 50% of credit customers pay in the month following sale and receive a 4% cash discount. Remaining trade receivables pay in the month following sale. 3. All purchases are on credit and are paid for in the month following purchase. 4. Annual insurance of $4 500 is paid in two equal instalments on 1 February and 1 August each year. 5. Dividend amounting to $1 550 is expected to be paid on 25 January 2021. 6. Office expenses are paid one month in arrears. 7. Green contracted a 10% bank loan of $5000, 1 March 2021 to buy some non current assets. 8. The balance at bank is expected to be $652 overdrawn. REQUIRED (a) Prepare a cash budget for each of the four months ending 30 April 2021. (20 marks)