Question 1 [56] Mira is the owner of Fashion Boutique. Mira recently attended a short course on finance for non-financial managers. Included in the course syllabus was a section that dealt with cash flow management and the importance of cash budgets. Mira asked you to assist her with the preparation of a cash budget for the period July to September 2021. Mira provided you with the following information: June (Actual) 280 000 168 000 July (Actual) 310 000 186 000 August September (Estimate) (Estimate) ? ? ? ? Total sales Total purchases The Sales for August will be 20% more than the sales of June, and for September it will be R70 000 more than August The boutique sells for cash and on credit. Cash sales are 15% of total sales, the balance being credit sales. Mira's credit policy requires that customers purchasing on credit must pay 50% of their purchases one month after the month in which the sales were made, 30% two months after the date of sales, and 20% in the third month after sales. Purchases are 60% of the total sales. Mira purchases 10% of her stock for cash. When making credit purchases, Mira has to pay 60% of the credit purchases in the month following the month of purchase and the remaining 40% two months after the month of purchase. Mira has been informed that business will receive R35 000 in dividends in August from an investment she has. She also agreed to sell her delivery vehicle for R68 000 cash to another small-business owner. The transaction will be concluded in September. Mira identified the following expenses to be included in the cash budget: Salaries and wages of R15 000 per month. The salaries and wages will increase by 8% from August. Monthly rent for the premises is R25 000. Mira plans to upgrade and refurbish the entire store in September. She has already accepted the quotation of R120 000 and signed the contract with the contractor. Consumables are R1 500 per month and stationery will amount to R250 in both August and September. The cash balance in the bank account on 31 May 2021 was R61 884. All the debtors and creditors were paid at the end of Mei 2021. Required Use the information provided to prepare a cash budget for Fashion Boutique for the period July to September 2021