A company has a cash balance of $75,000 at the beginning of March and having regard to the following information. Creditors give 1 month credit Salaries are paid in the current month Fixed overheads are paid one month in arrears and include a charge for depreciation of $5,000 per month Variable overheads are paid two months in arrears Credit sales are settled as follows: 40% in the month of sale, 45% in the next month and 12% in the following month. The balance represents bad debts. Cash Sales $ Month Credit Sales Purchases $ S January 74,000 55,200 February 82,000 61,200 March 20,000 80,000 60,000 April 22,000 90,000 69.000 May 25,000 100,000 75,000 Salaries Fixed Overheads Variable Overhead $ S S January 9,000 30.000 45,000 February 9,000 30,000 50,000 March 9.500 30,000 55,000 April 9,500 32.000 60.000 May 10,000 32,000 70.000 Required: Prepare the Cash Budget for March, April and May.