Question 3 [30] Your friend James has started his own printing cafe in August 2021 and needs to present a cash flow forecast to the bank as part of his financing application to buy a new 3D printer, James has little knowledge of cash flow forecasts and asked you to assist him with the calculation. He gave you the following information that might be helpful: Total sales for August and September were R200 000 and R240 000, respectively. James expects the sales to increase by 20% in October, and November's sales are expected to be R60 000 more than the sales in October Cash sales are estimated to be 30% of the total sales. Debtors must pay their outstanding debt as follows: 40% in the month after the sales, 35% in the second month after the sales and the rest in the third month after the sales. Purchases are 60% of the total sales, of which 20% are paid in cash. James must pay his creditors 40% in the month after the purchase and the rest must be settled in the second month after the purchase. Salaries and wages for August and September were R30 000 per month, but will increase by 8% from October. The office building rent is R10 000 per month and James expects to repair the office building in November at a cost of R50 000 James had R6 000 cash in his bank account at the end of August 2021. Required: Calculate a cash flow forecast from September 2021 to November 2021 using the format given in Table 4.6 of the prescribed textbook to determine the closing cash balance at the end of November 2021