Use the template provided below. CasJet is a garment shop in Jamaica. The shop prepares quarterly cash budgets in a year. The balance in Accounts Receivable (debtor) from June to be collected in July was $200,000. The shop manager has predicted unit sales for the third quarter to be as follows: Selling price for the fabric is $2.50 per square meter. Cash sales account for 20% of sales. Collections on account (non-cash sales charged to accounts receivable) are received 60% in the month of the sale and 40% in the following month. All expenses and purchases are paid for in the same month they are incurred as follows: - Operating expenses is expected to be $600,000 each month; this amount includes $100,000 depreciation per month. - Purchases are expected to be 30% of the expected sales each month. The cash balance on 1st July is $60,000. Required: For the third quarter of the year: a. Prepare the first budget you need before answering requirement b below. b. Prepare a schedule of expected cash collections c. Prepare a Cash Budget d. What is the balance of Accounts Receivable (debtor) as of the end of the quarter? Compare this amount with the sales level of September and provide your comment. Use the template provided below. CasJet is a garment shop in Jamaica. The shop prepares quarterly cash budgets in a year. The balance in Accounts Receivable (debtor) from June to be collected in July was $200,000. The shop manager has predicted unit sales for the third quarter to be as follows: Selling price for the fabric is $2.50 per square meter. Cash sales account for 20% of sales. Collections on account (non-cash sales charged to accounts receivable) are received 60% in the month of the sale and 40% in the following month. All expenses and purchases are paid for in the same month they are incurred as follows: - Operating expenses is expected to be $600,000 each month; this amount includes $100,000 depreciation per month. - Purchases are expected to be 30% of the expected sales each month. The cash balance on 1st July is $60,000. Required: For the third quarter of the year: a. Prepare the first budget you need before answering requirement b below. b. Prepare a schedule of expected cash collections c. Prepare a Cash Budget d. What is the balance of Accounts Receivable (debtor) as of the end of the quarter? Compare this amount with the sales level of September and provide your comment