QUESTION 3 (20 Marks) REQUIRED Use the information provided below to answer the following questions: 3.1 (4 Prepare the Debtors Collection Schedule for July and August 2023. marks) 3.2 Prepare the Cash Budget for July and August 2023. (14 3.3 Comment on the cash position of Oscar Enterprises for the budgeted period. INFORMATION The following information was provided by Oscar Enterprises to assist in the preparation of the cash budget for July and August 2023: 1. The bank balance on 30 June 2023 is expected to be R15000 (favourable). 2. The total sales are projected as follows: 3. Cash sales usually make up 60% of the sales. The balance of the sales is on credit. Twenty percent (20%) of the cash sales is to informal vendors who are entitled to a 5% discount. 4. Credit sales are normally collected as follows: - 20% in the month in which the transaction takes place. - 75% in the following month. The rest is usually written off as bad debts. 5. Purchases of inventory are forecasted as follows: The cash purchases of inventory are subject to a 10% discount. Creditors are paid in the month after the purchase. 6. The monthly salaries amount to R50 000. Salaries are expected to increase by 8% with effect from 01 August 2023. 7. A loan of R60 000 is expected to be obtained on 01 July 2023. Repayments of R2 000 plus interest at 18% per annum are payable at the end of each month. 8. Part of the building is sublet to a tenant. The monthly rental will increase by 10% with effect from 01 August 2023 to R5 500 . 9. Other cash operating expenses are estimated at R25 000 for June 2023. These expenses are expected to increase by 2% each month