CASE 2 (20 points) Here are the relevant estimates for the budget preparation of Michel Corporation for the fourth quarter of 2022: October 1 416 138 November 1 646 685 988 078 December 1 216 893 730 136 849 683 386 946 35 581 0 439 138 33 189 176 379 374 237 33 189 106 893 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment Credit sales collections Collected in month of sale Collected month after sale Never collected September credit sales September credit purchases Beginning cash balance 34% 65% 1% 1 259 872 755 923 461 153 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