Flag question Do the cash budget for the following three years using the Net Income Approach Sales 20X1 20x2 20X3 1,000,000 1,400,000 1,800,000 Depreciation 100,000 100,000 100,000 Variable Expenses 450,000 650,000 750,000 Fixed Expenses 350,000 450,000 650,000 Income before taxes 100,000 200,000 300,000 Income tax Expense 40,000 80,000 120,000 Net Income: 60,000 120,000 180,000 Changes in current assets and liabilities Accounts Receivable Accounts Payable (10,000) 20,000 20,000 10,000 15,000 20,000 Purchase of equipt in year 3 for $100,000 with a loan for $50,000 Dividends paid equal to 100% of net income Income tax paid is exactly what was expenses Beginning cash for 20X1 is $20,000 de LO B