Question 5 (12 Marks) Whittle Ltd is preparing a cash budget for the first six months of the coming year, 2022. The company's financial manager has pulled all the cash sales and income from the past year (2021) and adjusted them for the expected growth in the coming year already and calculated net cash flows for each month, except for collections from credit sales. The system however does not do credit collection estimates, however an ageing report has been generated. Credit sales over the last four months of 2021 were as follows: September R10 000 January R5 000 Credit sales for the first 6 months of 2022 were estimated as follows: February R10 000 March R12 000 May R18 000 1 month 50% October R12 000 January -R10 000 The ageing analysis indicates that on credit sales, payments are usually made as follows for any given month's sales: 2 months 30% November R15 000 April:: May: June: April R14 000 March -R30 000 Structure your answer as follows: Month January: February: March: The net cash flows for the first six months of 2022 excluding the credit collections were estimated as follows: December R45 000 February -R20 000 The cash balance at the start of January is R0. Required: You have been tasked to assist the financial manager with calculating the credit collections for the first six months of 2022 using the past credit sales, estimated credit sales for 2022 and the aging report and then to find the financing requirement for each month using the net cash flows and the credit collections. 3 months 20% April -R40 000 June R25 000 May -R40 000 Credit collection R XXX R XXX R XXX R xxx R XXX R XXX ONLY provide your answers formatted in a table as above for question 5, calculations for question 5 will not be marked. R xxx R XXX R XXX June -R45 000 Financing requirement R xxx R XXX R XXX Total = 50 Marks