FINANCIAL PLANNING AND CONTROL PROBLEM SOLVING 1 EXERCISES QUESTION ONE REQUIRED Use the information provided to prepare the following for Compuman Limited for August and September 2023: 1.1 Debtors Collection Schedule 1.2 Cash Budget INFORMATION Compuman Limited sells laptops. 1. The bank balance on 31 July 2023 is expected to be R45 000 (favourable). 2. Forty percent (40%) of all sales are for cash; the balance is on credit. Credit sales for June and July 2023 are expected to be R300 000 and R330 000 respectively. Sales are expected to increase by 10% each month. Thirty percent (30%) of the credit sales are expected to be settled during the month of the sale for a discount of 5%. The remaining customers usually pay in the month after the sale. 3. All laptops are purchased on credit and creditors are paid in the month after the purchase. Purchases are expected to be as follows: July R400 000 August R450 000 September R500 000 4. Salaries and wages are expected to cost R86 400 for September 2023, after an 8% increase takes effect on 01 September 2023. 5. Advertising expenses are expected to be 5% of the total monthly sales and are paid one month later. 6. Equipment costing R300 000 is expected to be purchased during August 2023. A deposit of 20% will be paid in August and the balance is payable in 5 monthly equal instalments commencing September 2023. 7. A long-term loan of R200 000 at 12% per annum interest is to be raised on 01 September 2023. Interest is payable monthly in advance with the first interest payment to be made on 01 September 2023. 8. Other cash expenses are expected to amount to R50 000 for July 2023. These expenses are expected to increase by 5% each month. 9. An interim dividend of 6 cents per share is expected to be paid on 31 August 2023. The issued share capital of Compuman Limited consists of 400 000 shares