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Go Car Repair Lid intends to prepare a cash budget for December and January. The actual revenue for October and November and projected revenue for December and January are outlined below: ~ Actual Budgeted October ~ November December January ~ Cash Sales~ 63,000 61,000 72,000 60,000~ t Credit Sales ~ 90,000 1 10,000 130,000 30,000 Total Sales $153,000~ $171,000~ $202,000~ $140,000~ The cash balance at the end of November is $60,000.~ Analysis of records has shown that credit sales are collected over a three-month period, with 50% collected in the month of the sale, 40% in the next month, and the remainder in the following month. ~ Projected expenditure during December and January is as follows: . Selling and administrative expenses are budgeted to be $88,000 each month. ~ . A new car hoist will be purchased for $100,000, with a $20,000 cash payment in December and the balance to be paid in March. . The owner wants to maintain a minimum cash balance of $60,000.~ As more customers will want their vehicles serviced prior to Christmas, the company will need more supplies. Therefore, an order has been placed for $60,000 of inventory. This will arrive in late November and be paid in December. Required: 1. Prepare a schedule showing receipts from customers for credit sales in December and January. (6 marks) ~ 2. Prepare a cash budget for December and January by using the template below. (22 marks)~ Go CAR REPAIR Ltd Cash budget for two months ended 31 January December January Total - ANTICIPATED RECEIPTS - Receipts from debtors~ Cash sales - Total receipts - ANTICIPATED PAYMENTS~ Selling and administration Car hoist Inventory consumables Total payments Excess (deficit) receipts over payments ~ Bank balance at the beginning of the month" Bank balance at the end of the month