QUESTION 4 (Marks: 25) The following are the total sales of Top Class Ltd for the past three months of 2021 Month April May Total Sales R900 000 R700 000 June R500 000 The budgeted sales figures for the next three months are expected as follows Month July August Total Sales R825 000 R760 000 September R920 000 Additional information 1) 2) 3) 40% of all sales are made in cash. Credit sales for October 2021 are expected to be R450 000. Debtors are collected as follows. 15% of outstanding amounts are collected during the month following the month of sale (i.e.: 30 days). A discount of 4,5% is offered for early settlement of accounts. 60% is collected in the subsequent month (i.e.: 60 days). 20% is collected in the subsequent month (i.e.: 90 days). The balance is irrecoverable and needs to be written off. REQUIRED: Prepare a schedule of forecasted receipts from customers (cash and credit) for the period 1 July 2021 to 31 October 2021. Show all workings Round to the nearest Rand