The question in the image below: HGA Ltd is a merchandiser. The company has a bank overdraft of $20,000 at the beginning of October and an overdraft limit of $50,000. The directors are worried about its liquidity situation over the last months. As a result, they have recently decided to review their plans for the next three months of the year 20201...

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HGA Ltd is a merchandiser. The company has a bank overdraft of $20,000 at the beginning of October and an overdraft limit of $ 50,000. The directors are worried about its liquidity situation over the last months. As a result, they have recently decided to review their plans for the next three months of the year 2021. Sales and purchases are as follows: September October November December (actual) (expected) (expected) (expected) Sales revenue $ 240,000 $ 250,000 $ 280,000 $ 330,000 Purchases $ 120,000 $ 130,000 $ 150,000 $ 140,000 a) 30% of sales are for cash, the remainder of sales are on credit terms and collected in the following month. b) Suppliers are paid one month in arrears. c) Staff members will be employed at a cost of $20,000 a month plus 10% of sales revenue which is paid in the month incurred. d) Utilities are forecasted to be $6,000 per month and paid one month in arrears. e) Rent is $15,000 per month payable quarterly during the first week of each quarter. f) Insurance is $3,000 per month payable annually in advance. g) The company intends to launch an advertising campaign at a cost of $20,000 in October and $30,000 in November which is paid in the month incurred. 5 h) The company plans to buy new equipment in November for 45,000 cash. 1. Discuss the benefits and limitations of budgets and budgetary planning and control for HGA. 2. Identify corrective actions to problems revealed by budgetary planning and control for effective organisational decision making in HGA. 3. Justify budgetary control solutions and their impact on organisational decision making to ensure efficient and effective deployment of resources in HGA