Question 6 Use the infomation to formulate a simplified cash budget for Heidi's Place Dec. Janb Ma Sales Inventory Purchases Other Cash Expenses Capital Purchases S20,000 30,000 S40,000 S50,000 16,00017,000 18,00021,000 13,000 14,000 15.000 16000 16,000 0 (With cash) Sales: 40% of the sales are cash while the balance are credit sales. 605, of the credit sales are collected in the month of sale and the balance in the next month Purchases 70% of the purchases are paid in the month of the purchase while 30% are paid in the next month. Inventory: Assume that other cash expenses and capital purchases are paid for during the month they are incurred (for example, other cash expenses of $13,000 for December were paid in December) Assume that the beginning cash balance of January 1 is $4,000 Required: Prepare a cash budget using the cash reeeipts and disbursements approach for the months of January- March