Alice is a sole trader planning to start a wholesale business selling fireworks. As this is a highly seasonal business, Alice is concerned about whether she will have enough cash during the first six months of trading. She has provided you with the following information: Sales Forecast Aug 800 Month July Sept Oct Nov Dec Boxes 400 720 1600 2000 1200 The average price for a box of fireworks is 12.50. Timing of receipts and payments (0) Three-quarters of customers will pay in cash in the same month the sale is made. (ii) Alice's best customers, account for the remaining 25% of sales, will be offered a 30-day credit period. 5% of these credit customers will never pay. (iii) Purchases are 5,000 a month from July to September, then 15,000 a month from October. Purchases will be paid two months after the supplies are received. (IV) General running costs are estimated to be 25% of sales value and are paid for in the month of sale. () A garage to store the fireworks will be rented from July. The rent of 12,000 will be paid in two instalments in July and October (VI) Alice is going pay a security guard 1000 per month. (vii) Alice is planning to draw 1500 per month from the business. (vii) Alice has a starting capital of 2000. Prepare a Budget Extract for Alice for the months and elements shown below The opening cash balance for October is 562.50 Enter your answer to 2 decimal places with no sign. Do not put a - sign under payments. If you have negative cashflow please put a minus sign. Hint: For easy input type the first value then use the tab button on your keyboard to skip to the next value. (viii) Alice has a starting capital of 2000. Prepare a Budget Extract for Alice for the months and elements shown below The opening cash balance for October is 562.50 Enter your answer to 2 decimal places with no sign. Do not put a - sign under payments. If you have negative cashflow please put a minus sign. Hint: For easy input type the first value then use the tab button on your keyboard to skip to the next value. OCTOBER NOVEMBER DECEMBER TOTAL Receipts CASH 1 MTH BAD DEBT Total Cash Received Purchases Security Genral Expenses Total Payments INET CASH FLOW CAPITAL/OPENING CASH BAL CLOSING CASH BALANCE