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Assignment 2 - Cash budget TechCo Ltd is a retail distributor for MZB-33 computer hardware units. Sales forecasts for the first six months of 2014 are as follows: Units Dollars January 130 390,000 February 120 360,000 March 110 330,000 April 90 270,000 May 100 300,000 June fi 375LOOO Total 675 2,025,000 Total sales consist of 25% cash sales, 30% credit cards sales and 45% sales on account. The cash sales and cash from credit cards sales are received in the month of sale. Credit card sales are subject to a 4% discount. The cash receipts for sales on account are 70% in the month following the sale and 28% in the second month after the sale. The remaining 2% are estimated to be uncollectable. TechCo's month end inventory requirement for computer hardware units is 30% of the next month's sales. The purchase price is $1800 per unit. Approximately 60% of the purchases in a month are paid in that month and the rest paid in the following month. Selling and administration expenses are equal to 10% of the current month's sales, including $2000 of depreciation. These expenses are paid as incurred. Required: 1. What are the four elements of the budgeting cycle? (8 marks) 2. Prepare a schedule of cash collections for April 2014. (13 marks) 3. Prepare the budgets for purchases in units and in dollars for the months of March and April. (16 marks) 4. Prepare a schedule of cash payments for April 2014. (12 marks) 5. Prepare a cash budget for April 2014, assuming the cash balance as of 1 April is $10,000. (16 marks) 10 marks for clearly written and presented answers. Word limit: 500 words. TOTAL: 75 marks