CASE 2 (20 points) Here are the relevant estimates for the budget preparation of Michel Corporation for the fourth quarter of 2022 October November December Credit sales 1 416 138 1 646 685 1 216 893 Credit purchases 849 683 988 078 730 136 Cash disbursements Wages, taxes, and expenses 386 946 439 138 374 237 Interest 35 581 33 189 33 189 Equipment 0 176 379 106893 Credit sales collections Collected in month of sale 34% Collected month after sale 65% Never collected 1% September credit sales 1 259 872 September credit purchases 755 923 Beginning cash balance 461 153 Instructions: 2.1 Explain the role of cash budget. (5 points) 2.2 Using the above information, complete the following cash budget. (15 points) Assume that all credit purchases are paid one month after the purchase. October November December Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Payments for purchases Wages, taxes, and other expenses Interest and dividend payments Capital expenditures Total cash disbursements Ending cash balance