Data for Just White Shirts is shown below. Please create the following:

1. A cash collection schedule for accounts receivables (4 marks)
2. A cash disbursement schedule for accounts payables (4 marks)
3. A cash budget (7 marks)

Other data: Cash balance at the beginning of the period $1,400,000 Cash collected from sale of land $200,000 Cash paid for Marketing expenses $100,000 Cash taxes paid $95,000 Cash dividends paid $125,000 Cash payment for debt reduction $140,000 Acquisition of capital assets paid in cash $65,000 Stock dividends paid $100,000Cash Budget Data: Cash collection experience: Cash collected from current month's sales 22% Cash collected from last month's sales 73% Cash discounts taken ( percentage of gross sales) 2% Written off as bad debt 3% Total disposition of credit sales in current month 100% Expected Sales for Three Months January $700,000 February 450,000 March 650,000 Beginning Accounts Receivable Jan 1 $600,000 Expected Sales for Three Months January $700,000 February 5450,000 March 5650,000 Month Disbursements for Purchases Experince Cash disbursement for current month's purchases 50% Cash disbursement for prior month's purchases 47% Cash discounts taken 3% Total disposition of credit sales in current month 100% Expected Purchases for Three Months January $140,000 February 220,000 March 250,000 Beginning Accounts Payable Jan 1 $256,000 Additional cash payments each month $225.000