QUESTION 3 (20 MURKS) REQUIRED Use the information provided below to prepare the following for Mustang Enterprises for January and Febnary 2024. \begin{tabular}{|l|l|r|} \hline 3.1 & Debtors Collection Schedule & (4 manks) \\ \hline 3.2 & Cash Budget. & (16 marks) \\ \hline \end{tabular} INFORMATION The following information was supplied by Mustang Enterprises: 1. Mustang Enterprises expects to have an unfavourable bank balance of R40 000 on 31 December 2023. 2. The monthly sales were projected as follow: \begin{tabular}{|c|c|c|} \hline 2023 & & Units \\ \hline November & I & 44000 \\ \hline December & & 53000 \\ \hline 2024 & & Units \\ \hline January & & 47000 \\ \hline February & & 31000 \\ \hline \end{tabular} 3. The selling price is R20 per unit (excluding any discounts). All the goods produced each month are expected to be sold in the same month. Sixty percent ( 60% ) of the sales is expected to be on credit and the balance is for cash. Thirty percent (30%) of the cash sales is subject to a discount of 10%. 4. Credit sales are usually collected as follows: - 20% in the month of sale, and these debbrs receive a 5% discount. - 75% in the month after the sale, and the rest is usualy written off as bad debls. 5. Manufacturing overheads are paid monthly. The overheads are expected to amount to R65 000 for December 2023, including R5 000 for depreciation. Manufacturing overheads are expected to increase by 5% each month. 6. Labour costs amount to R6 per unit and are paid in the month in which they are incurred. Labour costs per unit are expected to increase by 9% with effect from 01 February 2024 7. Materials cost R7 per unit (excluding any discounts). All the matenals are purchased for cash to take advantage of a discount of 7.5%. 8. R200 000 is expecled to be invested in a fxed depost account on 01 February 2024. Interest at 9% per annum is receivable monthly, commenoing February 2024 9. Selling and administrative costs are paid monthly and are expected to total R56 000 for February 2024 , atter an increase of 12% takes place on 01 February 2024