of C6) Fashionex Ltd., a distributor of fashion clothes, normally collects its receivables 30% in month of sale, 50% the subsequent month and 17% in the third month. Historically, 3% is not collected (is a bad debt). Fashionex Ltd..pays for its purchases 20% in the month of purchase and 80% in the next month. Sales during February March and April were budgeted to be $165,000, 214,000 and $205,000, respectively. Salaries are paid in the month they incur. Salaries for February, March and April were budgeted to be $32,000, $26,000 and $37,000. Purchases during February, March and April were budgeted to be $112,000, $90,000 and $153,000. The company pays income tax installments of $4,000 each month. A capital expenditure of $33,000 for a company van was budgeted to incur in March. Assuming the beginning balance of cash as at February 1 is $31,000 and the company wishes to maintain a cash balance of $30,000, prepare a cash budget for February, March and April. Fashionex Ltd. has a line of credit available. Issuances and repayments of loans are made at the end of the month, and an interest payment of $34 is paid at the end of March. December and January sales were $240,000 and $182,000, respectively. January purchases were $160,000. Required: Prepare a combined cash budget for February, March and April (11 marks)