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You are the manager of Box Office Cinemas who are in the business of manufacturing and installing home theatre systems for high end customers

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You are the manager of Box Office Cinemas who are in the business of manufacturing and installing home theatre systems for high end customers. At 1 January 2022, the business had a bank balance of $37,200. Provided below are estimates for receipts and payments for the three months ending 31 March 2022: Box Office Cinemas February January $ March $ 114,000 150,000 126,000 52,500 Receipts Sales Proceeds from the sale of old non-current assets Payments Salaries and wages Supplies New equipment Utilities 54,000 12,000 61,500 8,250 49,500 10,500 82,500 31,500 34,500 39,000 Sales are received as follows: 50% in month of sale 30% in month following sale 20% in second month following sale Required (approximately 250 words): a) You are to prepare a monthly cash budget for the three months ending 31 March 2022 to calculate an expected cash at bank figure which your accountant will review. Please ensure you include an overall total column and show all your workings as marks are allocated between workings and the final answer. Note: You may wish to compile your cash budget in excel and copy it into your word report b) Explain the importance of the Cash Budget to the business and how it helps the business to manage its finances Based on the budget you have compiled draw an overall conclusion as to the current cash position of Box Office Cinemas. This answer will be reviewed based on the calculations you have compiled 50 please ensure your answer is consistent with your figures