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QUESTION THREE The following transactions relates to projectod revenues and expenditure of the Governinent of Ghara for the last quarter of 2022 and first quarter of 2023. Additional Information: i) All direct taxes are expected to be collected in the month of projection and indirect taxes ane collectod one month in arrears, uniess specifically stated otherwise. ii) Non-tax revenues are collected in the third month afler the month of projection. A further analyxis indicates that 10% of the amounts receivable in teppect of not-tax revenues are roceived after a ycat. iii) The grants and donations are frotn credible parners so they are always received on the spoe. iv) Experience shows that property taxes are otien collested in the seoped month of each quarter, except that of first quarter which is released in the last month. Property tax is estimatod at GHe2,000 and GHe1,800 for the first and second quarters of 2023 respectively. v) Goods and services are poid two month in arrears. vi) Non-financial assets relanes to the plan by government to acquire deskiop compuners for the Ministry off Finance to boost their IT infrastructure. The paymeat plan ageed with the suppliers is that, payment will be made in February 2023, March 2023 and Apeil 2023 in the ratio 5:2.5:2.5 respectively. vii) The cash and cash cquivalent balance in the end of 2022 financial year was GHe63,000. Reguired: Prepare a Cash Flow Forecast for the first quarter of 2023 , showing clearly the forecast for each month and the quarter as a wbole. (7 marks)

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