QUESTION 3 Read the case study/ scenario below and answer the questions based on the case study. QIN (Pty) Limited (QPL) is a small-medium sized company that specialises in the manufacturing of roof tiles that are used in the building industry. QPL is preparing its budget for the 2025 financial year. Below are the results for the year ended 31 December 2024: Line Item 2024 R Accounts Receivable 150 000 Accounts Payable (35 000) Bank 45 000 • Credit sales for the year are expected to be R3 500 000 (earned evenly) and debtors repay their debts as follows: 5% immediately 5% two months after the sale 25% six months after the sale 50% eight months after the sale 10% nine months after the sale. The balance of R150 000 will be received within the first month of 2025’s financial year. • All purchases are on credit, and the gross profit percentage for 2025 is expected to remain at 55%. Payments are made in the month following the purchase. The R35 000 relates to the previous months purchases. • The target cash balance is R10 000 per month for the 2025 financial year. Required Prepare the cash budget for the 2025 financial year. Your answer should include a month-by-month analysis of the cash flows.