Part a: 15 Marks Data for Just White Shirts is shown below. Please create the following: 1. A cash collection schedule for accounts receivables (4 marks) 2' A cash disbursement schedule for accounts payables [4 marks} 3' A cash budget (7' marks) Cash Budget Data: | Cash collection exerience: Cash collected from current month's sales 22915: Cash collected from last month's sales 739:5: Cash discounts taken ( percentage of gross sales) 2945: Written off as bad debt 3945: Total disposition of credit sales in current month 100% Expected Sales for Three Months January $T00.000 February 450.000 March 650.000 Beginning Accounts Receivable Jan 1 $500,000 Expected Sales for Three Months January 57001000 February 54501000 March 55501000 Month Disbursements for Purchases Ex nerince Cash disbursement for current month's purchases 50915: Cash disbursement for prior month's purchases 47945: Cash discounts taken 3945: Total disposition of credit sales in current month 100% Expected Purchases Ior Three Months January 3140.000 February 220,000 March 250,000 Beginning Accounts Payable Jan 1 $256,000 Additional cash payments each month $225,000 Other data: $1,400,00 Cash balance at the beginning of the period 0 Cash collected from sale of land $200,000 Cash paid for Marketing expenses $100,000 Cash taxes paid $95,000 Cash dividends paid $125,000 Cash payment for debt reduction $140,000 Acquisition of capital assets paid in cash $65,000 Stock dividends paid $100,000 Part B: 5 Marks 1. When are the best times to use Participative Budgets (1 mark - 12 mark for each point) 2. List the advantages of Participative Budgets (2.5 marks - 12 mark for each point) 3. List the Disadvantages of Participative Budgets ( 1.5 marks - 1/2 mark for each point)