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Questions Problem 9.50: Preparation of receipts from accounts receivable schedule and cash budget Rainbow Enterprises has presented the following estimates relating to 2016 activities Quarter ending 31-Mar 30-Jun 30-Sep 31-Dec Sales revenue 600,000 700,000 800,000 350,000 Purchases 385,000 410,000 390,000 420,000 Cost of sales 300,000 350,000 400,000 425,000 Marketing and administration expense 150,000 150,000 150,000 150,000 Occupancy expenses 68,000 68,000 68,000 68,000 Depreciation expense 12,500 12,500 12,500 12,500 Sales for the December quarter 2015 were $500,000. All sales are on credit, of which 70% are collected in the quarter of sale and 30% in the following quarter. Purchases are on credit, and entity policy is such that all purchases are paid for in the same quarter. Occupancy expenses incurred and paid are usually the same, except that the electricity bill (estimated to be $510) for December 2016 will not be paid until January 2017. A major IT hardware acquisition of $25,400, to be paid for in cash, is expected in the December quarter. The bank balance at 30 December 2015 was $18,260. Required a. Prepare a schedule of receipts from accounts receivable showing cash collection for each quarter of 2016. b. Prepare a cash budget (on quarterly basis) for the 12 months ending 31 December 2016. c. Assess the cash position of the entity for 2016