QUESTION FOUR [25] ITS Limited has presented the following estimates relating to 2019 activities: Quarter ending 31 March 30 June R 600 000 R 700 000 385 000 410 000 September 800 000 31 December 850 000 420 000 390 000 300 000 350 000 400 000 425 000 Sales revenue Purchases Cost of sales Administrative expenses Occupancy expenses Depreciation expense 150 000 150 000 150 000 68 000 150 000 68 000 12 500 68 000 68 000 12 500 12 500 125 000 The following information was given: a) Sales in the December quarter 2018 were R 500 000. b) All sales are on credit, of which 70 per cent are collected in the quarter of sale and 30 per cent in the following quarter. Purchases are on credit, and entity policy is such that all purchases are paid for in the same quarter. The administration expenses incurred and paid are the same. d) Occupancy expenses incurred and paid are the same, except that the December quarter does not include the last months electricity usage equal to R510. e) A major IT hardware acquisition of R25 400, to be paid for in cash, is expected in the December quarter. f) The bank balance at 31 December 2018 was R18 260. Required: 1.1. Prepare a schedule of receipts from debtors showing cash collections for each quarter of 2019 (5) 1.2. Prepare the cash budget for each quarter. (20)