Question 3 (35 marks) Mac. Ltd supplies a variety of grocery items in bulk to supermarkets. The business' accountant has prepared estimates for three months following June. The following sales and purchases are expected for July. August, and September. Acoderny 13 FINANCE FOR MANAGERS FFM-120 The following information relates to the expected receipts and payments: - All the sales are cash. - All purchases are on credit and paid for in full in the month after purchase. - Water and electricity costs will be R15 o0O in June and are expected to increase by 10% per month since its winter. - Salaries and wages are expected to be R13 000 per manth. - Warehouse rent amounts to R10 SOO per month and is nat expected to change in the foreseeable future. - Administratian expenses are expected to be R8 000 per month. - A new dellwery vehicle costing R230 0002 ill be purchased in September. - Interest of R2 500 on an investment made with U Bank will be recehved in August. - The cash balance of Mac Ltd on 30 June is R95 000 Required: Prepare a cash budget for Mac Ltd for July. August and September