Based on the following information, answer all the questions in this section. (Show your works clearly in tabular format, and round the figures to one decimal place, if applicable) KK Travel Service has forecasted the following budgeted figures for the second half-year of 2022 for preparing cash budget. For cash receipts, collections on credit revenue after sales is average 80% in a month later and 20% after two months. For cash payments, the cost of sales is 40% of the total sales revenue. 35% of the purchases is on cash basis, 65% is on credit and will be paid in the month following the purchases. Month July Cash Revenue Credit Revenue Total Revenue $46,200 $65,000 $111,200 August 47,000 68,500 115,500 September 48,000 71,200 119,200 October 49,500 73,000 122,500 November 51,000 74,500 125,500 December 52,500 75,800 128,300 Other estimated expenses as extracted from the budgeted statement of income are shown below: Expenses Salaries and wages October November December $22,000 $22,000 $24,000 Insurance 900 900 900 Rent 15,000 15,000 15,000 Utilities 7,450 8,550 8,800 Miscellaneous 8,500 8,800 9,200 Depreciation 5,800 5,800 5,800 Interest 2,000 2,000 2,000 Note that the salaries and wages, rent, utilities, miscellaneous, and interest expenses are paid in cash each month as they are incurred. The insurance expense of $10,800 is paid in December each year in advance for the next whole year. The KK Travel Service raised a loan from a bank at March 2022, so that it has to make monthly repayments of $2,500 until December 2022. In November 2022, KK Travel Service plans to spend $10,000 in purchasing new computer equipment. 1. Prepare KK Travel Service's cash budget for the months of October, November and December. The ending cash balance on 30 September 2022 is estimated to be $7,200. 2. What is the purpose of preparing cash budget for KK Travel Service? (25 marks) (2 marks)