ABC Company has a cash balance of $75,000 at the beginning of March and having regard to the following information: 1. Creditors give 1 month credit 2. Salaries are paid in the current month 3. Fixed overheads are paid one month in arrears and include a charge for depreciation of $5,000 per month 4. Variable overheads are paid two months in arrears 5. 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. Month Cash Sales Credit Sales Purchases $ $ 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 January February March April May Salaries $ 9,000 9,000 9,500 9,500 10,000 Fixed Overheads $ 30,000 30,000 30,000 32,000 32,000 Variable Overhead $ 45,000 50,000 55,000 60,000 70,000 Required: i. Prepare the Debtors collection schedule for ABC Company for March to May ii. Prepare the Cash Budget for March, April and May