Question 3 Cosy Stoves Limited is planning a major capital investment in April 2022 which requires an extension of the company's bank overdraft. The company provides you with the following financial information: Month January 2022 (budgeted) February 2022 (budgeted) March 2022 (budgeted) April 2022 (budgeted) May 2022 (budgeted) Notes Sales Questions Purchases Wages a. Trade receivables 200,000 100,000 b. Trade payables c. Wages and salaries. 225,000 125,000 240,000 130,000 250,000 132,000 45,000 52,000 260,000 135,000 55,000 Overheads 50,000 12,000 10,000 13,000 1. The bank balance at 1st March 2022 is expected to be 35,000. 2.30% of sales are for cash with the other 70% being made on credit. 60% of credit sales pay in the month following the month of sale with the other 40 % paying 2 months after the month of sale. 3. Purchases are paid for in the month after the month in which they are. made. 15,000 4. 68% of wages are paid in the current month with the other 32% (representing tax and national insurance deductions) being paid over to the taxation authorities in the following month. 52,000 14,000 5. Overheads are paid in the month in which they are incurred. 6. The Directors of Cosy Stoves Limited are planning to purchase new property, plant and equipment for 300,000 in April 2022 in order to expand the business. 1. Prepare the cash budget for Cosy Stoves Limited for March, April and May 2022. 1. Calculate the figures that will appear in the budgeted statement of financial position of Cosy Stoves Limited at 31st May 2022 for