QUESTION 3 - 12 MARKS You are the general manager of a clothing retail chain called "Hard Luck Clothing". Your boss has provided you with the following information and has asked you to prepare a cash budget for February and March. The owner has a particular format for you to use and has attached it to the information provided. A. Budgeted cash collections: January 200.000 February 240,000 March 225,000 April 245,000 B. Cash payments for purchases January 77,500 February 73,250 March 68,750 April 84,000 C. Budgeted Sales January 375,000 February 250,000 March 225,000 April 275,000 D. Salaries (paid in the month in which they occur): Fixed (for the four month period in total) 260,000 Variable (as a % of sales) 10.2% E. Employee benefits are accrued and paid in the month following the accrual (expressed 11.5% as a % of total fixed and variable salaries) F. Other expenses incurred and paid each month 17,225 G. Rent Fixed (monthly rate and paid in current month) 6,875 Variable (Paid in the month following and is 8.2% expressed as a % of sales) H. Miscellaneous financing payments (principal and interest - paid in the month incurred) January 21,375 February 22,580 March 28,250 April 31,225 I. The bank has extended you a line of credit for 50,000 You must maintain a minimum monthly balance of 5,000 Borrowing and repayments take place at the end of the month and must be in multiples of. 500 J. The operating loan balance at the beginning of the February 11,500 K. Monthly amortization on the equipment is..... 15,000 L. The cash balance on February 1is. 15,750 Required: Complete the attached cash budget for the months of February and March: (On the Q3.Answer tab)]