QUESTION 25 You are presented with the budgeted data shown in appendix A for the period November 2020 to June 2021 by your firm. It has been extracted from the other functional budgets that have been prepared. You are also told the following. 1. Sales are 40% cash, 60% credit. Credit sales are paid two months after the month of sale. 2. Purchases are paid the month following purchase. 3. 75% of wages are paid in the current month and 25% the following month 4. Overheads are paid the month after they are incurred. 5. Dividends are paid three months after they are declared. 6. Capital expenditure is paid two months after it is incurred. 7. Opening cash balance is GHS15,000. 8. The MD has arranged a bank overdraft with a ceiling of GHS50,000 to accommodate the increased inventory levels and wage bill for overtime worked. Appendix A Required: (a) Prepare a cash budget for the six months period January to June 2021. (b) Comment upon your results and offer advice to management