Here are some important figures from the budget of Nechako Nougats Inc. for the first quarter of 2020: January February March Credit sales $400,500 $340,000 $520,500 Credit purchases 150,900 165,300 160,300 Cash disbursements Wages, taxes, and expenses 40,040 65,000 60,100 Interest 12,580 10.580 13.000 Equipment purchases 75.800 115,000 15,000 The company predicts that 5% of its credit sales will never be collected, 45% of its sales will be collected in the month of the sale, and the remaining 80% will be collected in the following month. Credit purchases will be paid in the month following the purchase. Cash in the beginning of the first quarter is $200,000, In December 2019, credit sales were $250,000, and credit purchases were $160,000. Assume that the minimum cash balance for each month is $150,000 a. Using this information, prepare the cash budget. (4 marks) b. Compute the cash surplus (deficit) for each month. (1 mark) What would be your analysis based on this first quarter budget? (1 mark)