STAR Limited is in the process of formulating plans for the first quarter of 2022. REQUIRED Use the information provided below to prepare the following for STAR LIMITED for January, February and March 2022 (use separate amount columns for each month): 3.1 Debtors Collection Schedule (6 marks) 3.2 Cash Budget (14 marks) INFORMATION 1. The following sales figures are forecast: Year Month Sales (R) 2021 December 540 000 2022 January 380 000 2022 February 295 000 2022 March 320 000 2. Forty percent (40%) of the sales are expected to be for cash and the balance is on credit. 3. Twenty percent (20%) of the credit sales is expected to be collected in the month of the sale and eighty percent (80%) in the month after the sale. 4. Inventory equals 60% of the current months sales. All purchases are for cash in order to take advantage of a 10% discount. 5. Wages and salaries equal 20% of the current months sales. Labour costs are paid for in the month in which they are incurred. 6. Property taxes are estimated to be R48 000 for 2022 and will be paid in four equal instalments in the last month of each quarter. 7. General and administrative expenses are projected to be R222 000 for 2022 and are payable monthly. These expenses are incurred evenly throughout the year. 8. Selling and distribution expenses amount to R15 000 for January 2022 and are expected to increase by 10% per month thereafter. These expenses are paid for in the month in which they are incurred. 9. Income tax payments of the Company is paid in January 2022 for an amount of R75 000. 10. The expected cash balance on 31 December 2021 is R55 000.