Question 1 (10 marks) Great Gifts, an importer, has provided you with the following information: All sales are on credit. The company collects 80% in the month following the sale and 20% two months following the sale. All purchases of stock are paid for one month after the purchase. The selling and distribution expenses are $32000 each month. Administrative expenses are $18000 per month. This includes $2000 of depreciation expense. Selling Expenses and Administrative Expenses are paid in the month they are incurred. Equipment costing $75,000 is expected to be acquired and paid for in October. The cash balance on 1 October 2022 is $7000. Ignore GST. The following sales and purchases data in 2022 have been compiled for the preparation of the budget: REQUIRED: Prepare a cash budget for the month of October 2022. Question 1 (10 marks) Great Gifts, an importer, has provided you with the following information: All sales are on credit. The company collects 80% in the month following the sale and 20% two months following the sale. All purchases of stock are paid for one month after the purchase. The selling and distribution expenses are $32000 each month. Administrative expenses are $18000 per month. This includes $2000 of depreciation expense. Selling Expenses and Administrative Expenses are paid in the month they are incurred. Equipment costing $75,000 is expected to be acquired and paid for in October. The cash balance on 1 October 2022 is $7000. Ignore GST. The following sales and purchases data in 2022 have been compiled for the preparation of the budget: REQUIRED: Prepare a cash budget for the month of October 2022