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Question B2 As a management accountant for Tor pic you are required to produce a quarterly cash budget for the 3 months from January 1" 2013. The following information is standard for Tor plc: Sales are 25% cash and 75% credit 50% of credit sales are paid 2 months after the sale; 40% is paid 1 month after and 10% is paid in the month of sale Purchases are all paid in the month of purchase N 80% of wages are paid in the month incurred and 20% in the following month Overhead expenses are paid in the month incurred Dividends are paid 3 months after they are declared Vil Capital expenditure is paid in the month following the expense The table below represents extracts from the quarterly budgeted profit statement for Tor plc: Sales Purchases Wages Overheads Profit January E000 240 100 30 20 90 February E000 300 120 40 20 120 March E000 400 160 50 40 150 . . . Additionally the following information is also available: Sales in November and December were E200,000 Wages paid in December were 30,000 A dividend of 100,000 was declared in November A new capital expenditure programme involves expenditure of 80,000 in December 2012 and February and March 2013 Balance at bank on January 1 2013 is 50,000 and the overdraft facility is 30,000 Required (a) Draft the cash budget for Tor pic for the 3 months to 31* March 2013. (b) Comment briefly on the results, raising any issues that might be of interest to Tor's management. [12] [3]