An meat supplier company presents the following data relating to the expected operations for the months of January to March 2021 Jan Feb March Credit Sales 160,000 250,000 340,000 Receipts from account receivable 40,000 60,000 10,000 Cash sales 3,900 4,500 6,600 Cash received from sale of old equipment 4,000 Salaries 17,000 17,000 17,000 24,500 24,500 24,500 Depreciation on equipment Amortization of franchise fee Payment fo supplies 12,500 12,500 12,500 5,200 7,000 5,600 Cash purchase of new equipment 40,000 Administration cost 4,000 4,000 4,000 Credit purchase of supplies 324,050 356,780 430,200 Required: Prepare a cash budget on a monthly basis for the three months ending March 2021. The cash balance at 31 Dec 2020 was $50,000