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5. AllisonPeck Ltd. is a merchandise company that sells paper and other school supplies. The company is planning its cash needs for third quarter. In the past Book Paradise has to borrow money during the third quarter to support peak sales of back-to-school materials, which occur during August. The following information has been assembled to assist in preparing a cash budget for the quarter. The budgeted monthly income statement for July to October are: "Includes 5000 depreciation each month. Additional information: - Sales are 20% for cash and 80% on credit. - Credit sales are collected over a three-month period with 10% collected in the month of sale 70% in the month following the sale, and 20% in the second month following the sale. May sales totaled 200.000 and June sales totaled 300,000. - Inventory purchases are paid for within 15 days. Therefore 50% of the month's inventory purchases are paid for in the month of purchase. The remaining 50% is paid in the following month. Account payable for inventory purchases on June 30 is Tk. 120,000 . - Land costing tk. 4500 will be purchased in July. Dividends of tk. 1000 will be declared and paid in September. - The cash balance on June 30 is tk. 10,000 ; the company must maintain a cash balance of 50,000 at the first month of the quarter and 70,000 at the second month of the quarter. - The company can borrow from its bank as needed to bolster the Cash account. Borrowing and repayment must be in the multiples of tk. 1000. All the borrowings take place at the beginning of a month and all repayments are made at the end of a month. The annual interest rate is 12%. The company would, as far as it is able, repay the loan plus accumulated interest at the end the quarter. Required: (a) Prepare a schedule of expected cash collections for July. August, and September, and for the quarter in total. (4 marks) (b) Prepare a schedule of expected cash disbursements for July, August, and September. and for the quarter in total. (4 marks) (c) Prepare a Cash Budget for July, August, and September. (2 marks)