Expected Sales N$ May 2X13 (actual) 489 365 June 2x13 (actual) 568 960 July 2X13 569 245 August 2X13 552 325 September 2X13 445 950 Other information includes: Historically, 80% of the firm's sales are on credit. Of the credit sales, on average 60% of the sales are collected in the month after the sale (30 days) and the remainder of the credit sales are collected two months after the sale (60 days). The cost of inventory is normally 55% of sales and all inventory is bought on credit. 80% of credit purchases are paid in the month after the purchase and the balance in the month thereafter. Inventory is typically purchased in the month before the sale. Rental is N$120 000 per month. Wages are normally 10% of sales and salaries are N$110 000 per annum. Overheads are normally N$18 000 per month. A provisional tax payment of N$54 000 is due in September 2x13. The firm has ordered new machinery costing N$280 000 that will be paid in July 2x13 from the firm's bank account. A cash dividend of N$62 530 will be paid in July 2x13. As at 30 June 2x13, the firm's bank balance was N$54 950. The firm requires a minimum cash balance of N$40 000 at all times. Any shortfall below the minimum bank balance is to be provided by short-term financing and any amount above the minimum cash balance is to be used to repay the short-term debt, if any. Required: Prepare a cash budget for King Brothers for the quarter ending 30 September 2X13. Your budget needs to specifically reflect any short-term financing required. Show all workings