SECTION B. QUESTION 1 (20 marks). The data below has been extracted from a prepared functional cash budget of Netcitizen Ltd from November 2022 to March 2023. Your financial director just sent you an email to use this information to prepare the next quarter's budget (January to March 2024) following the adjustments. Periods: Nov 22 Dec 22 Jan 23 Feb 23 Mar 23 E Sales/Revenue 80,000 100,000 110,000 130,000 140,000 Purchases 40,000 60,000 80,000 90,000 1 10,000 Wages 10,000 12,000 16,000 20,000 24,000 Overheads 10,000 10,000 15,000 15,000 15,000 You are also provided with the following. a. Sales are composed of 40% cash and 60% credit. Credit sales are paid a month after sales. b. Purchases are paid the month following purchase. c. 75% of wages are paid in the current month and 25% the following month. d. Overheads are paid the month after they are incurred. e. Total cash balance at the end of last year (December 2023) was $5,000. Required: a. Prepare a cash budget for the three months - January to March 2024 (16 marks) b. What is your professional advice to management if the first quarter ends in deficit? (4marks)