The budgeted transactions of Sandwich Incorporated for the quarter ending 30 April 2022 are as follows:

i. Budgeted sales amount to $ 1 152 630,98. (38 % will be sold during February 2022, 34 % during March 2022 and the rest during April 2022. 49 % of the sales are expected to be made on credit. Debtors usually pay their debt as follows:

46 % in the month following the month of sales

28 % in the second month following the month of the sales

18 % in the third month following the month of the sales

8 % is written off as irrecoverable in the last month of collection

ii. Purchases are expected to amount to $ 720 394,00. Assume that opening and closing inventories will remain constant and that a constant markup percentage is maintained throughout. 41% of all the purchases are made on credit, while creditors are paid in the month following the month in which the purchases were made.

iii. Sales personnel receive a commission of 14 % on all sales. Office personnel receive monthly salaries of

$ 13 098,00 each. There are 12 office staff members. The commission and salaries are paid in cash every month.

iv. New office equipment with a hire purchase price of $ 230 526,20 will be purchased on 1 February 2022. A deposit of 40 % of the HP price must be paid on 1 February 2022, and the balance must be paid in 55 equal monthly instalments beginning 1 March 2022. $ 8 538,01 depreciation is to be written off per month on this vehicle as of 1 April 2022.

v. Income tax amounting to $ 26 196,00 is payable during April 2022 to IRS.

vi. Dividends of $ 19 647,00, declared on 8 January 2022, must be paid during March 2022.

vii. The following balances appeared in the books of Magwitch Incorporated on 31 January 2022:

Bank (favourable) $ 611 244,00

Debtors $ 205 312,00

Creditors $ 180 099,00

viii. Credit sales were as follows during the previous budget period:

November 2021 $ 180 099,00

December 2021 $ 108 059,00

January 2022 $ 144 079,00

Prepare Sandwich Incorporated monthly cash budget for February, March and April 2022.

Cash budget for .

	2022	2022	2022
	February.	March.	April.
Opening Cash Balance
Estimated receipts:
Total cash available
Estimated cash outflows
Closing cash balance