QUESTION 4 REQUIRED Use the information provided by Empire Traders to prepare the following for March and April 2024 . 4.1 Debtors Collection Schedule 4.2 Cash Budget. INFORMATION The following information was provided by Empire Traders: 1. Empire Traders expects to have a favourable bank balance of R60 000 on 28 February 2024. 2 Budgoted sales figures for 2024 are as follows: 3. Thirty percent (30%) of the cash sales is to informal traders who are entitled to a discount of 10%. Colections from debtors are usualy as follows: - 80% is collecled in the month after the sale. - 20% is collected two months after the sale. 4. Purchases of inventory are oxpected to be as follows: 5. Sixty percent (60%) of the purchases is for cash to take advantage of a discount of 15%. The balance is purchased on credit. Creditors are paid two months atter the month of purchase. (Separate entries for cash and credit payments are required) 6. The proprietor's monthly drawings comprise R12 000 inventory and R10 000 cash. 7. The monthly salaries are expected to amount to R194 400 for April 2024 after an increase of 8% takes effect on 01 Apnil 2024. 8. A fixed deposit, R100 000, will mature (expire) on 31 March 2024. Interest at 12% per annum for three months will also be received. 9. Equipment with a cost price R160 000 will be purchased on 31 March 2024 . A deposit 25% will be paid on this date. The balance will be paid in four equal monthly instalments commencing 30 April 2024. 10. Other cash operaling expenses are expected to amount to R160 000 for February 2024 and are expected to increase by 5% each month thereafter