You and a friend have decided to start a new business "4UFitness". The business will provide a range of fitness classes and cater for all fitness levels. You are tasked with preparing initial budgets for the first three months. You both invest 10,000 each in the new business, and lodge monies to your new bank account, Classes will be offered as follows: Cardio Core Strength & conditioning Spinning The projected number of customers for weekly classes for the first three months are Weekly March April May Cardio Core Strength & conditioning Spinning C8 per class 10 per class C12.50 per class C11 per class Strength & conditioning Spinning You can assume four weeks in each month. A 20% discount is given to all classes in March. 50% of class booking are paid by card 1 week in advance 50% of classes will be on cash basis paid weekly in arrears 40 Wages for class instructors per month paid at end of month Cardio & Core 1.550 Cleaning Wifi & mobile Consumables Other costs 8888 C650 C850 C 250 160 120 100 C 275 160 120 100 8888 40 40 The following overheads are expected to be incurred with one months credit on all March April May March 417 50 45 Rent will be 3,000 payable per quarter, paid in advance Insurance of 3,600 per annum will be paid via direct debit monthly C 275 160 120 100 Equipment with a cost 15,000 will be financed by a 3 year lease. Monthly Lease repayments of C476 will be paid by direct debit Depreciation for March, Apil, May is as follows: Equipment 50 50 50 55 April 417 Requirement a) Prepare a Cash Budget, Income Statement and Statement of Financial Position for 4UFitness for the period March, April and May 2022 b) In your own words outline four recommendations to improve financial management and budgeting for 4UFitness May 417 19 Marks 6 Marks