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)

Cash Budget Data: I Cash collection experience: Cash collected from current month's sales Cash collected from last month's sales Cash discounts taken ( percentage of gross sales) Written off as bad debt Total disposition of credit sales in current month Expected Sales for Three Months January February March Beginning Accounts Receivable Jan 1 Expected Sales for Three Months January February March Month Disbursements for Purchases Experince Cash disbursement for current month's purchases Cash disbursement for prior month's purchases Cash discounts taken Total disposition of credit sales in current month Expected Purchases for Three Months January February March Beginning Accounts Payable Jan 1 Additional cash payments each month 22% 73% 2% 3% 100% $700, 000 45 0,000 65 0,000 $600, 000 $70 0, 000 $45 0, 000 $65 0, 000 5 0% 47% 3% 100% $140,000 220,000 250,000 $256,000 $225,000 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 $100,000