Introduction to the project According to the Qatari Finance Minister Al-Amadi, Qatar spends about $500 million a week on major infrastructure projects to prepare for the 2022 World Cup (February 8, 2017 on the BBC's English News Network website). Al-Amadi said he expects to continue spending at this level in the coming years until the tournament, due to the construction of new stadiums, highways, railways and hospitals Qatar's total spending on these projects could exceed $200 billion. Al-Amadi slated "We give ourselves a good chance to finish everything on time. We don't want to be in a situation where the public comes to our country and we are not done with the construction yer". To meet ongoing financial challenges and difficulties, companies are focusing their efforts on profit and cost planning. They are working to develop their products while providing multiple services to their customers in the coming years so that they can compele under the current circumstances of the COVID19 epidemic. Here, planning and control processes is significant requirements. Profit planning is accomplished by preparing numerous budgets, which, when brought together, form an integrated business plan known as a Master Budget. Budgets are used for two closely related purposes: planning and control Planning involves systematically looking at the future, so that decisions can be made by the company today in order to bring its desired results. Control can be defined as the process of measuring and correcting actual performance to ensure that plans for implementing the chosen course of action are carried out. To be effective, a good budgeting system must be provided for the planning and control processes Good planning without effective control is a waste of time and effort. BBC http://www.bbc.com/arabicorts-36995941 In light of the above, AMD, a global company specializing in high-tech digital photography for football matches is currently preparing plans for 2020 for a bid - a global tender-to film the 2022 Qatar World Cup. The corporate Marketing Director has completed the sales revenues) budget and he is confident that sales' estimates will be met or exceeded. The following sales figures, to be included in the budget, show the expected growth, and will also be the basis for other sections Sales estimates for the year 2021 in January 1800.000 July 3000,000 2000.000 August 3000.000 Mareh 1800,000 September 3200,000 April 2200,000 October 3200,000 May 2500.000 November 3000,000 June 2800.000 December 3400,000 February The Corporate Financial Director has formed a group of five management accountants, and you have been given the responsibility of preparing the cash budget for the company in light of the above sales (revenues) data, taking into account the following points: 1. The Financial Director believes that, due to the financial crisis that accompanied the COVID19 epidemic, the estimates above may differ someway somehow, and it has been decided to amend all the figures shown by decreasing them by 20% 2. AMD has excellent experience and record in collecting the amounts owed by debtors. The company's credit policy consists of collecting 60% of sales in the month following the sake, and 38% collected in the second month after sale (two months after the sale). The remaining 2% is expected to be uncollected 3. Purchases of the required raw materials are the largest part of the company's expenses as the cost of these material is 50% of the total sales' values in each month. 4. From previous experience with the company's suppliers, 80% of purchases are paid one month after the month of purchase, while the remaining 20% are paid two months after the purchase date 5. The cost of direct labour is determined by sales volume and is equal to 20% of sales (revenues) of the same month. That cost is paid in the same month in which it is incurred. 6. General and administrative expenses are estimated at 52,640,000 per year. This amount includes the items described in the following table. General and administrative expenses are paid for in equal monthly instalments, excluding the property taxes, which are paid in four equal payments in the last month of each quarter. The annual estimates of General and Administrative Expenses in $ Salaries 480,000 Rents 660,000 Property Taxes 240,000 Insurances 360,000 Miscellaneous Expenses 300,000 Depreciations 600,000 There is a need to purchase equipments to assist the company in its operations. Equipment to be purchased in April and May are estimated at $300 000, and 5346 300, respectively & The Company has a policy of holding a cash balance of $100.000 at the end of each month. so cash needs to be borrowed or invested to reach this amount. If there is a surplus cash balance, it will be invested at a monthly rate of 1%. The proceeds (returns) are due at the beginning of the month following the month investment. Whereas, if there is a deficit cash balance, an amount is borrowed at a bank interest rate of 12% per annum. The loan interest is due at the beginning of the month following the month of borrowing. The principal value of the investment or borrowing is due six months after its inception