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QUESTION 4 Prepare the following for June and July 2022 from the information provided below. 4.1 (4 marks) 4.2 Debtors Collection Schedule Cash Budget INFORMATION (16 marks) The information provided below was taken from the forecasts of Rustom Wholesalers for the financial year ended 31 May 2022 EXTRACT OF THE BUDGETED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2022 R Sales 4 800 000 Cost of sales 2 400 000 Prepare the following for June and July 2022 from the information provided below 4.1 4.2 Debtors Collection Schedule Cash Budget INFORMATION The information provided below was taken from the forecasts of Rustom Wholesalers for the financial year ended 31 May 2022 EXTRACT OF THE BUDGETED STATEMENT OF COMPREHENSIVE NCOME FOR THE YEAR ENDED 31 MAY 2022 R Sales 4800 000 Cost of sales 2 400 000 Rent income 120 000 Advertising 48000 Salaries 756 000 Rates and taxes 12000 Other operating expenses 960 000 Additional information 1. All inventories are sold at cost plus 25%. 2. Sales are expected to be spread out evenly throughout each financial year. Sales are expected to increase by 18% for the financial year ending 31 May 2023. 3. Fifty percent (50%) of the sales are for cash and the balance is on credit. As from 01 June 2022 thirty percent (30%) of the cash sales is expected to be made to large retailers who will be granted a 10% cash discount Collections from credit sales are usually as follows: * 40% in the month of sale, and these debtors are entitled to a 5% discount, * 55% in the month after the sale. The balance is usually written off as bad debts. Inventories are kept at a constant level. Sixty percent (60%) of the purchases are for cash and the balance is on credit. Creditors are paid in the month after the purchase. 5. In terms of the lease agreement the rental is received monthly. The rent for the year ending 31 May 2023 is expected to be 10% more than the previous twelve months. 6. Advertising is paid for monthly and is estimated to be the same percentage of sales (excluding discounts) as for the financial year ended 31 May 2022 7. Salaries increase by 10% on 01 December of each year. 8. Rates and taxes will be paid in one instalment for the year during July 2022. Rates are calculated at 80 cents (R0.80) per R100 on the value of the premises. The premises are valued at R3 000 000 9. Other operating expenses are expected to increase by 5% and are spread evenly throughout the year. They are paid for in the month in which they are incurred. 10. An unfavourable bank balance of R180 000 is expected on 31 May 2022