QUESTION 1 Thunder Enterprise presented the following budgeted data for the period November 2022 to June 2023. This was extracted from the other functional budgets that were prepared. i) Sales are 40% cash and 60% credit. Credit sales are paid two months after the month of sale. ii) Purchases are paid the month following purchase. iii) For the wages and salaries 75% were paid in the current month and 25% the following month. iv) The overhead costs are paid the month after they incurred. v) Dividends are paid three months after they are declared. vi) Capital expenditure is paid two months after it is incurred. vii) The opening cash balance is $70,000. The company negotiated a bank overdraft arrangement with a ceiling of $70,000 to accommodate the increased inventory levels and wages bill for overtime worked. NOV DEC JAN FEB MARCH APRIL MAY JUNE 2021 2021 2021 2021 2021 $ $ $ $ $ Sales 160,000 200,000 220,000 260,000 280,000 Purchases 80,000 120,000 160,000 180,000 220,000 Wages 20,000 24,000 32,000 40,000 48,000 Overhead 20,000 20,000 30,000 30,000 40,000 $ Dividends 40,000 2021 2021 2021 $ $ 300,000 300,000 360,000 260,000 280,000 300,000 56,000 64,000 72,000 40,000 40,000 40,000 80,000 Capital Exp. 61,000 82,000 A. Prepare a cash budget for the 6 months period January to June 2023. (35 marks) B. Comment on the results (5 marks) C. Explain the functions of a budgetary Control System (5 marks)