Question 3 Marian Ltd is preparing a cash budget. The finance team had gathered the following information; Month April May June July August Sales revenue $ 30,000 $ 25,000 $ 22,000 $ 28,000 $32,000 Month April May June July August Purchases $ 20,000 $ 18,000 $ 25,000 $ 25,000 $ 27,000 Additional information; a) Marian Ltd is given two-month credit to settle the balances on all purchases. 60% of all purchases must be paid for immediately in the month they are incurred. b) Miscellaneous expenses for each month were $ 6,000. c) The customers are required to pay 80% of the sales immediately. The remaining amount can be settled the following month. d) Marian Ltd incurred an annual lease cost amounted to $ 75,000. These payments will be spread evenly throughout the year. e) A new machinery costing the company $10,000 will be purchased in June and it will paid immediately after the purchase. f) Depreciation of 20% is charged on all assets using the straight-line method of depreciation. g) The closing balance in June is $ 20,000. Required: Prepare a cash budget for Marian Ltd for the months of June, July and August