Mercatt Enterprises is a retail company and is preparing their budget for the coming year, commencing 1 January. The following information has been assembled. All sales are on credit. Sixty per cent of customer accounts are collected in the month of the sale, 35 per cent in the following month, and 5 per cent are considered uncollectable. Management has estimated that of the amount expected to be outstanding from customers at the end of the current year (31 December), only 20 per cent will be collected in January with the remainder being uncollectable. Seventy per cent of the goods purchased are paid for in the month of purchase and the remaining 30 per cent is paid in the following month. At the end of this year, the following balances are expected: cash $20 000; accounts receivable $55 000; and, accounts payable $22 000. The company maintains a minimum cash balance of $20 000 at all times, and sometimes needs to borrow to achieve this. Assume that bank financing is available in multiples of $1000 at 8 per cent interest rate per annum. Borrowings take place at the beginning of each month and repayment occurs at the end of the month. Interest is paid at the same time as the principal is repaid and is based on the amount of the principal repaid at that time. Additional budget data: 31 January 28 February 31 March Sales revenue $150 000 $180 000 $185 000 Purchases 90 000 100 000 140 000 Salaries 31 000 24 000 45 000 Salaries are paid before the end of each month. Required: Prepare a schedule: Of budgeted cash receipts for the three-month period, from January to March. (3 Marks) Of budgeted cash disbursements for the three-month period, from January to March. (3 Marks) That summarises the company's cash balances at the end of the three-month period, and includes any bank financing and repayments needed to maintain the minimum cash balance. (4 Marks)