C 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) KM 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 70% in a month later and 30% after two months. For cash payments, the cost of sales is 50% of the total sales revenue. 40% of the purchases is on cash basis, 60% is on credit and will be paid in the month following the purchases. Month July Cash Revenue Credit Revenue Total Revenue $36,960 $52,000 $88,960 August 37,600 54,800 92,400 September 38,400 56,960 95,360 October 39,600 58,400 98,000 November 40,800 59,600 100,400 December 42,000 60,640 102,640 Other estimated expenses as extracted from the budgeted statement of income are shown below: Expenses October November December Salaries and wages $18,000 $18,000 $21,000 Utilities 6,400 7,050 7,600 Interest 1,000 1,000 1,000 Insurance 600 600 600 Rent 13,500 13,500 13,500 Depreciation 4,800 4,800 4,800 Miscellaneous 4,500 4,800 4,200 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 $7,200 is paid in November each year in advance for the next whole year. The KM 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 December 2022, KM Travel Service plans to spend $5,000 in purchasing new computer equipment. 13. Prepare KM 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 $10,500. 14. What is the purpose of preparing cash budget for KM Travel Service? (25 marks) (2 marks)