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 Month Boxes July Aug 400 800 Sept Oct 720 1600 Nov 2000 Dec 1200 The average price for a box of fireworks is 12.50. Timing of receipts and payments (i) 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. (v) 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. (viii) Alice has a starting capital of 2000. Required Prepare a Budget Extract for Alice for the months and elements shown below Enter your answer to 2 decimal places with no sign. Do not put a - (minus) sign under payments. If you have negative cashflow under NETCASHFLOW 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. Receipts Cash Credit Sales Bad debts Total Cash Received Purchases Rent Genral Expenses Total Payments NET CASH FLOW CAPITAL/OPENING CASH BAL CLOSING CASH BALANCE JULY AUGUST SEPTEMBER TOTAL