Seminar Question 1 The opening cash balance on Isy Jan was expected to be SAR30,000. The sales budgeted were as follows Analysis of records shows that debtors settle according to the following pattern: 60% within the month of sale, 25% the month following, 15% the month following. Extracts from the Purchases All purchases are on credit and past experience shows that 90% are settled in the month of purchase and the balance settles the month after. Wages are SAR15,000 per month and overheads of SAR20,000 per month (including SAR 5,000 depreciation) are settled monthly. Taxation of SAR8,000 has to be settled in February and the company will receive settlement of an insurance claim of SAR25,000 in March. Required: Prepare a cash budget for January, February and March