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The Hamdan Accounting Associates are preparing their cash budget for the four months ending April 30, 2020. The credit department has compiled the following financial data: a) Credit sales are budgeted at: Jan Feb March April CREDIT SALES 8,000 15,000 20,000 25,000 b) The collection of the credit sales has been established by the credit department as follows: 1) 40% of the credit sales will be collected in the month of sale, 2) 30% of the credit sales will be collected in the first month after sale 3) 20% of the credit sales will be collected in the second month after sale. c) The cost of purchases of raw materials is budgeted at: Purchases Materials 3,000 3,000 4,000 5,000 d) Wages are budgeted at: Wages 2,000 1,000 1,000 11,000 e) Overhead costs are budgeted at: Overhead costs 1,000 1,000 1,000 11,000 f) Income taxes are budgeted to be paid: Taxes 2,000 g) The cash on hand at the (Jan1) beginning of the year amounted to $2,000 Required: a) (5 Marks) Prepare the cash budget for the four months ended April 30, 2020 (Collections 3 Marks, Payments 1 Mark, Cash balance 1 Mark). b) (1 Mark) Using the information above, what is the amount uncollected each month? 7 A B 1 III U S X2 x * * * E I Answer a); CASH BUDGET Jan Feb