QUESTION $1$

Thunder Enterprise presented the following budgeted data for the period November $2022$ to June $2023.$ This was extracted from the other functional budgets that were prepared.

i$)$ Sales are $40\%$ cash and $60\%$ credit. Credit sales are paid two months after the month of sale.

ii$)$ Purchases are paid the month following purchase.

iii$)$ For the wages and salaries $75\%$ were paid in the current month and $25\%$ the following month.

iv$)$ The overhead costs are paid the month after they incurred.

v$)$ Dividends are paid three months after they are declared.

vi$)$ Capital expenditure is paid two months after it is incurred.

vii$)$ The opening cash balance is $$70,000.$

The company negotiated a bank overdraft arrangement with a ceiling of $$70,000$ to accommodate the increased inventory levels and wages bill for overtime worked.

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