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1/5 answered Brighton Industrial Ltd manufactures a single product. You are the management accountant responsible for preparing the quarterly budgets of the next quarter from July to September 2022. Your colleague, the financial accountant, has provided you the following extracted data from the balance sheet as at 30 June 2022: Assets Liabilities Accounts Receivable $250,000 Plant and Machinery $800,000 (Cost) Bank Overdraft Dividend Payable Long-term Loan 15% $90,000 $10,000 $400,000 The following transactions are expected during the next three months: Purchases Expenses Sales $1,500,000 $1,000,000 $200,000 July August September 2,000,000 1,500,000 250,000 3.000.000 2,800,000 300,000 All sales are on credit and the cash collections have the following pattern: During the month of sale: In the subsequent month: 80% (early payment discount of 4% is given) 20% (no discount) Payments for purchase are made in the month of purchase enjoying a 10% early payment discount. Expenses shown above include depreciation of machinery which is calculated at a rate of 12% per annum on cost. Expenses are paid for in the month in which they are incurred. The dividend payable will be paid in July. Loan interest for the three months will be paid in September. Q1 Required: (a) Prepare a Cash Budget for each of the three months from July to September 2022 In separate columns. (14 marks) (b) Prepare a Budgeted Income Statement (Integrated for one quarter) for the period from July to September 2022. Time Remaining Show Hand-In