Question 4 Use the information provided by Casper Enterprises to prepare the following for March and April 2023: 4.1 Cash Budget (16 marks) INFORMATION The following information was provided by Casper Enterprises to assist in the preparation of its cash budget for March and April 2023: 1. Casper Enterprises expects to have a favourable bank balance of R40 000 on 28 February 2023. 2. Budgeted sales for February to May 2023 are as follows: February R560 000 March R510 000 April R520 000 May R600 000 3. Credit sales account for 30% of the total sales. The balance of the sales is for cash. 4. Amounts owing by debtors are usually collected as follows: - 20% is collected in the same month as the credit sales. - 75% is collected in the month after the sale. - 5% is written off as irrecoverable. 5. Sixty percent (60%) of the purchases of goods is for cash in order to take advantage of a 10% discount. The balance is purchased on credit. Budgeted purchases (before any discounts) for the first four months of 2023 are as follows: January R500 000 February R400 000 March R350 000 April R300 000 4.2 Creditors are paid two months after the purchase. 6. The monthly salary expense of R200 000 is expected to increase by 12% from 01 April 2023. 7. Interest on fixed deposit at 9% per annum on the fixed deposit of R300 000 is received monthly. 8. Advertising expenses are paid monthly and are estimated to be 6% of the budgeted total sales (excluding discounts) of the following month. 9. The proprietors drawings for March and April 2023 are expected to be R50 000 per month. Forty percent (40%) of this amount consists of trading goods and the rest is cash. 10. Other cash operating expenses are expected to increase by 5% per month. Cash operating expenses for February 2023 are expected to amount to R10 000.