Manal Pvt.Ltd. budgeted income statement for 1st quarter 2020 Description JANUARY FEBRUARY MARCH Sales 285,000 323,000 221,000 Purchases 129,000 168,000 95,000 Wages 35,000 37,000 30,000 Supplies 26,000 23,000 21,500 Utilities 6,500 8,700 7,200 Rent 15,000 12,800 13,600 Insurance 12,000 12,000 12,000 Advertising 24,500 28,500 18,000 Depreciation 20,000 20,000 20,000 Net Profit 17,000 13,000 3,700

Manal Receivable Trend: 30% of Sales are collected in the month of sale, 30% of Sales are collected after the month of sale. 40% of Sales are collected two months after the sale is made

Manal Payable Trend: 10% of Purchases are paid for in the month of purchase, 35% of Purchases are paid after the month of purchase, and 55% of Purchases are paid two months after the purchase is made

Additional Information:

Rent and Insurance expense were prepaid at the end of 2020 All other expenses are paid for in the month they were incurred

November Sales = 195,000 November Purchases = 100,000 December Sales = 250,000 December Purchases = 165,000

Please see attached Budgeted Income Statement for 1st Quarter 2020

Required: Calculate to show Jan-Mar 2020 cash collection from sale, cash payment of purchases and total expenses each month separately on the basis of above given data.