Cash Budget For the period ending........... Month 1 Month 1 Month 3 $ $ xxx XXX XXX xxx XXX xxx XOXOX XXX XXX XXX XXX XXX XXX xxx xxx xxx $ Receipts: Cash sales Collection from credit sales xxx Collections from sales of non-current XXX assets Receipts from loans Other receipts Total receipts (a) Payments Payment for cash and credit xxx Purchases Payment for expenses Cash drawings Purchase of non-current assets Repayment of loans or debentures xxx Other payments Total payments (b) Net receipts (payments) (a-b) xxx Bank balance at start xocx Bank balance at end xxx xxx XXX XXX XXX XXX Xxx XXX XXX xxx XXX Xxx XXX xxx XXX xxx XXX xxx xxx Xxx XXX XXX Xxx xxx XXX The directors of Kingston & Co. were concerned about the company's cash flow. They requested their accountant to prepare a cash budget for the four months ending 30 April 2016. (1) The following sales figures are for the months of November 2015 to June 2016. The figures from January 2016 onward are estimated: Actual sales November 2015 60000 December 2015 64000 Forcast sales: January 2016 65000 Feb. 2016 70000 March 2016 72500 April 2016 76250 May 2016 80000 June 2016 78750 Half the sales are normally paid for in the month in which they occur and the customers are rewarded with a 5% cash discount. The remaining sales are paid for net in the month following the sale. Purchase for December 2015 until April 2016 are 52,000, 56,000. 58,000,61,000 and 64,000 respectively. (11) Goods are sold at a mark-up of 25% on the goods purchased one month before salc, Half of the purchases are paid for in the month of purchase and a 4% prompt settlement discount is received. The remainder is paid in full in the following month. (iii) Wages of S12000 per month are paid in the month in which they are eamed. It is expected that the wages will be increased by 10% from 1 March 2016 (iv) Rent will cost $60000 per annum payable three monthly in advance in January. April. July and December each year. (v) The directors have arranged a bank loan of S60000 which would be credited to company's current account in February 2016 (vi) The half-yearly interest on 200000, 8% debentures of S1 each is due to be paid on 15 January 2016 (vii) The ordinary dividend of S12000 for the year 2015 will be paid in March 2016: (vii) The bank balance at 31 December 2015 is $12000 Required: Prepare a cash budget for the four months ended 30 April 2016. Give your answers to the nearest dollar ($) The directors of Kingston & Co. were concerned about the company's cash flow. They requested their accountant to prepare a cash budget for the four months coding 30 April 2016 The following sales figures are for the months of November 2015 to June 2016. The figures from January 2016 wward are estimated: Actual sales November 2015 60000 December 2015 64000 Forcast sales: January 2016 65000 Feb. 2016 70000 March 2016 72500 April 2016 76250 May 2016 80000 June 2016 78750 Half the sales are normally paid for in the month in which they occur and the customers are rewarded with a 59 cash discount. The remaining sales are paid for nct in the month following the sale. Purchase for December 2015 until April 2016 are 52,000. 56,000, 58,000 61,000 and 64,000 respectively m) Goods are sold at a mark-up of 25% on the goods purchased one month before sale. Half of the purchases are paid for in the month of purchase and a 4% prompt settlement discount is received. The remainder is paid in full in the following month (mm) Wages of S12000 per month are paid in the month in which they are earned. It is expected that the wages will be increased by 10% from 1 March 2016 iv) Rent will cost $60000 per annum payable three monthly in advance in January, April July and December each year () The directors have arranged a bank loan of S60000 which would be credited to company's current account in February 2016 (vi) The half-yearly interest on 200000, 8% debentures of Sl cach is due to be paid on 15 January 2016 (vin) The ordinary dividend of S12000 for the year 2015 will be paid in March 2016, (vii) The bank balance at 31 December 2015 is $12000 Required: Prepare a cash budget for the four months ended 30 April 2016. Give your answers to the nearest dollar ($)