Carson is considering opening his own restaurant. He has made the following estimates of transactions for his first year of business- Rent $90,000 Purchase of Equipment $320,000 Wages $360,000 Purchases of Food and Beverages $252,000 Administrative Expenses $90,000 Sales of Food and Beverages $950,000 Use of his brother's van which has a market value of $25,000 Drawings $100,000 Bank Loan $200,000 Carson's initial capital contribution to start business $50,000 Loan Repayment of $4,500 Inventory of Food and Beverage at end of year $16,000 REQUIRED [a] Prepare a Cash Budget for the year and advise Carson whether his business proposal should go ahead. [b] Are there any other factors that he should consider? [c] Explain to Carson the benefits of preparing a Cash Budget