Question 6 [15 marks] Kmart Tyre and Auto Services sells tyres, makes tyre repairs and does wheel balancing for passenger vehicles. Sales average about $300 000 each month. About 10% of these sales are for cash and the rest are paid for by 'plastic'. Of these sales, 80% are paid for by Visa or MasterCard and the rest by charge card. The credit card companies charge 1% merchant service fees and the charge card companies charge 2.5%. Purchases amount to 50% of sales and these are paid for in the next calendar month. There are three permanent employees who average $4000 each per month in wages. Employment on-costs are 25% of wages. Other operating expenses average 25% of sales. Depreciation on the equipment is $35 000 p.a. Compute a monthly cash budget for January to May