Question The city council had an amount of US $ 2000 in the bank account as at January 1st as well as an amount of US $ 0 in the cash drawer of the treasurer of the city council. The outlook for the following three months starting January 1st with regards to expected revenues and expenses are summarized in the following schedule: A. Expected Revenues 1. Property taxes 2. Sales taxes 3. Fixed assets sales 4. License fees B. Expected Expenses 1. Personal services The city council is expecting to receive the Property taxes of $ 15000 in Five equal installments: 1. First in February. 2. Second in March. 3. The third in May. 4. The fourth in June. 5. The Fifth in July. Revenue from Sales taxes amounting are allocated based on a percentage basis 25 % from Property taxes, is expected to be received in January. Fixed assets sales amounting to $ 10000 is expected to be received in March. License fees amounting to $5000 is expected to be received in January. Personal services amounting to $ 25000 are allocated based on a percentage basis as follows: 1. 25% in January. 2. 25% in March. Operating expenses are allocated based on a 3. 50 % in June. 2. Operating expenses percentage basis 50 % from License fees, is expected payment in January. You are required to prepare the city council, cash forecast (first quarter, 2022) projections for the three month period as anote the minimum cash balance is $10000. : (Ending a balance) :