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Question 5 Budgeting (28 marks) Go Car Repair Ltd 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~ Credit Sales ~ 90,000 110,000 130,000~ 80,000~ 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)~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~