Question SlippyLtd has been in business for several years. They are in the midst of preparing their quarterly budgets for the first three months starting on 1" January 2019. 1. Sales for November 2018 and December 2018were $75,000 and $83,000 respectively. Forecast sales for the first three months in 2019 are as follows: January 2019 $90,000 February 2019 $100,000 March 2019 $120,000 All sales are on the following terms: 20% on cash basis and remainder is on credit terms All credit sales are on average are received as follows: 40% is received in the month after the sale is made and the remaining 60% is received two months after the sale. 2. Goods are bought within the month of sale and costs 45% of the total sales value. Suppliers are paid one month after the goods are received 3. Other information are as follows: Operating expenses of $22,000 per month are payable at each month-end. Included in the operating expenses is an amount of depreciation amounting to $4,000. The company intends to purchase a machinery in March for $35,000 and a down payment of $7,400 will be paid immediately. Monthly instalment of $2,000 will commence in April 2019. Electricity and water charges will be $850 per month is payable on the last day of March, June, September and December iv. Interest of $3,000 per quarter is payable every quarter in advance in the months of February, May, August and November, V. Rent of $4,000 per month will be received on the 5th of every month from their tenant vi. The bank balance in their accounting books on 31 December 2018 is expected to be $9,400 (debit balance). Required: Prepare a monthly cash budget for the period 1st January 2019 to 31st March 2019. Assume that overdraft facilities will be available, if needed