Bates is a sub-contractor who wants to prepare a cash flow budget for the year ending 31 December 2012. He estimates his sales for the period as follows: Other information All sales are made on the following basis: 70% payable on invoice date 30% payable one month later. He earns other minor income of $450 per month for all months except August. From past experience, he estimates that operating expenses will total 55% of all monthly sales, payable one month after the month's sales. He has an income tax assessment to pay in July of $19,000. His motor vehicle repayments are $1,300 per month. He has decided to take one month's holiday in August (i.e. no sales income earned during August). His administration overheads average $1,200 per month, except September when they are expected to be $2,500. His existing bank overdraft on January 1, is $12,000. Required Draw up a cash flow forecast for the twelve month period using the worksheet provided below