Question 1 Fares works as a financial analyst for Entergrize Berhad, have been given the task of constructing a financial planning for third quarter of the current year. The information shown below: Month May June July August September Sales (RM) 45,000 45,000 46,000 48,000 48,000 Purchases (RM) 25,000 25,000 26,000 28,000 28,000 Historically, 30 percent of sales have been for cash and the remaining are credit sales.70 percent of credit sales are collected one month after the sale and the remaining 30 percent are collected two months after the sales. 60 percent of the purchase price is paid in cash and the balance 40 percent of the purchase price will be paid one month later. Additional information: Rental expenses are RM1,200 per month Wages and salaries are estimated to be RM7,000 per month Cash purchase of new asset of RM25,000 in August Tax payment of RM2,000 are due in May and October Depreciation expenses are RM800 per month Insurance are RM4,000 every month The borrowing interest is 12 percent per annum to be paid in the following month The firm wishes to maintain ending balance in its cash account of RM15,000. The beginning cash balance at July 1st is RM13,000 Prepare a complete financial planning for the months of July, August and September