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QUESTION 4 (20 Marks) REQUIRED Use the following information provided by Canon Enterprises to answer the following questions: 4.1 Prepare the Debtors Collection Schedule for April and May 2021. (4 marks) 4.2 Prepare the Cash Budget for April and May 2021 (10 marks) 4.3 Refer to your answer in question 4.2 and comment on the cash position of Canon Enterprises (6 marks) Note: Where applicable, round off amounts to the nearest Rand, INFORMATION 1 The balance in the bank on 31 March 2021 is expected to be R25 000, 2. Budgeted sales are as follows: February 2021 March 2021 April 2021 May 2021 Cash sales R170 000 R180 000 R160 000 R200 000 Credit sales R190 000 R230 000 R220 000 R250 000 3. Credit sales are normally collected as follows: 60% in the month after the sale 40% two months after the sale. (6 marks) Enterprises Note: Where applicable round off amounts to the nearest Rand. INFORMATION 1. The balance in the bank on 31 March 2021 is expected to be R25 000. 2. Budgeted sales are as follows: February 2021 March 2021 Cash sales R170 000 R180 000 R160 000 Credit sales R190 000 R230 000 R220 000 April 2021 May 2021 R200 000 R250 000 3. 4 Credit sales are normally collected as follows: 60% in the month after the sale; 40% two months after the sale R20 000 will be invested in a fixed deposit account on 31 May 2021 Purchases are expected to be as follows: March 2021 April 2021 Cash purchases R120 000 R140 000 Credit purchases R130 000 R150 000 5. May 2021 R160 000 R155 000 6 7 Creditors are paid one month after the month of purchase Wages and salaries are expected to amount to R70 000 for April 2021. Employees are expected to receive an increase of 8% in their remuneration with effect from 01 May 2021 A loan repayment of R30 000 will be made on 31 May 2021 8 3. 4. Credit sales are normally collected as follows: 60% in the month after the sale; 40% two months after the sale. R20 000 will be invested in a fixed deposit account on 31 May 2021. Purchases are expected to be as follows: March 2021 April 2021 Cash purchases R120 000 R140 000 Credit purchases R130 000 R150 000 5. May 2021 R160 000 R155 000 . 6. 7 8 8. Creditors are paid one month after the month of purchase Wages and salaries are expected to amount to R70 000 for April 2021. Employees are expected to receive an increase of 8% in their remuneration with effect from 01 May 2021. A loan repayment of R30 000 will be made on 31 May 2021. Rent income amounts to R48 000 per year. Rent is received monthly Other cash expenses are expected to amount to R15 000 for March 2021. These expenses are expected to increase by 5% each month. 9. 10