Question textKen owns Ken’s Furniture Store in Melbourne. He is attempting to prepare a cash budget for his business but is unsure how to estimate the cash payments to his credit purchases. He has provided the following information and asked you for your assistance. [table] Month | Total Purchases February | $9,500 March | $12,000 April | $14,000 May | $10,500 June | $13,000 [/table] Ken’s Furniture usually purchases 70% of its inventory requirements on credit, with the other 30% of stock bought on a cash basis. When goods are purchased on credit, 70% of debts are settled in the month after purchases, with the other 30% usually being paid in the second month after purchases were made. Requirement: Based on the above information, you are required to prepare an estimated payment schedule to creditors (accounts payable) for the quarter ending 30 June. (Do not use $, comma and decimal in the amount box) [table] Month | Total Purchases | Credit Purchases | Cash Payments to Creditors April ($) | May ($) | June ($) February | $9,500 | Answer 1 Question 1 | Answer 2 Question 1 | Answer 3 Question 1 | Answer 4 Question 1 March | $12,000 | Answer 5 Question 1 | Answer 6 Question 1 | Answer 7 Question 1 | Answer 8 Question 1 April | $14,000 | Answer 9 Question 1 | Answer 10 Question 1 | Answer 11 Question 1 | Answer 12 Question 1 May | $10,500 | Answer 13 Question 1 | Answer 14 Question 1 | Answer 15 Question 1 | Answer 16 Question 1 June | $13,000 | Answer 17 Question 1 | Answer 18 Question 1 | Answer 19 Question 1 | Answer 20 Question 1 Total Payment to Creditors | Answer 21 Question 1 | Answer 22 Question 1 | Answer 23 Question 1 [/table]