Question 4 You are required to prepare the cash budget for the two months of January and February 2021. The following is the projected information: December 2020 January 2021 February 2021 Cash sales R223,763 R235,687 R251,204 Receivables collection R184,576 R196,591 R203,079 Cash purchases R9,117 R11,314 R12,543 R42,856 R59,052 R65,010 Operating expenses Credit purchases R76,152 R86,022 R91,639 Operating expenses are paid in the month they are incurred and credit purchases are paid within 30 days of purchase (ie, in the following month). The bank balance on 1 January 2021 is expected to be R65,954 favurable. Equipment to the value of R238,529 is to be purchased on credit in January 2021 and will be paid for in 8 equal instalments, commencing on 1 February 2021 The expected closing bank balance on 31 January 2021 will be