Shakespear Book Ltd has been formed to open a book shop 1. Sales for 2020 are expected to be as follows: January $40,000, February $50,000, March $70,000. 2. 90% of sales are for cash, the remainder of sales are on credit terms and collected 1 month later. 3. Inventory purchases are estimated to be 40% of sales each month purchased as sales are made. Suppliers are paid one month in arrears. 4. 2 staff members will be employed at a cost of $5,000 a month which is paid in the month incurred. Overheads are forecast to be $3,000 per month and paid one month in arrears. 5. Rent is $36,000 per year payable annually in advance. 6. The Shop require minimum cash balance of $20,000. Assuming the beginning cash balance of February is $22,000. Prepare a cash budget for February, 2020