QUESTION 7 (8+2=10 marks ) a) Safe@Work Pty Ltd a wholesaler of work safety products is in the process of preparing a cash budget for December 2021. The following sales and purchases data have been compiled for the preparation of the budget: Additional Information - All sales are on credit. The company collects 70% in the month of sale, 20% in the month following the sale and 10% two months following the sale. - 30% of all purchases are paid for in the following month they are purchased, with the remaining 70% paid for two months following the purchases. Warehouse equipment costing $134,000 is expected to be acquired and paid for in December. - The company will repay the whole amount of its short-term loan $124,000 in December. - The selling and distribution expenses are $97,000 each month. Administrative expenses are $112,000 per month, included $13,000 of assets depreciation expense. Expenses are paid in the month they are incurred. - The cash balance on 1st December 2021 is $17,000. Required: Prepare a cash budget for the month of December 2021