DataGenix Ltd has the following budget information for the first quarter of the year:

• Sales: £150,000
• Cash Sales: 40% of total sales
• Collections on Credit Sales: 50% in the month of sale, 40% in the following month
• Purchases: £90,000 (60% paid in the month of purchase, 40% in the following month)
• Operating Expenses: £40,000 (paid in the month incurred)
• Beginning Cash Balance: £15,000

Requirements:

1. Prepare a cash receipts schedule for the first quarter.
2. Prepare a cash payments schedule for the first quarter.
3. Prepare a cash budget for the first quarter, including the ending cash balance.

These questions are designed to challenge students with real-world scenarios, requiring them to apply various accounting concepts and perform detailed calculations.