PLEASE READ BELOW! ADDRESS AND LABEL EVERYTHING!!!!All written cases in this class require a introduction and a conclusion. APA style 3 references!Will file dispute once paid and everything is not addressed!!!!Cash flow exerciseBE SURE TO LABEL ALL POINTS!Joseph Pharmacy had sales of $25,000 in December and $30,000 in January. The company expects sales of $20,000 in February and $40,000 in both March and April, and $30,000 in May. The company has no other source of cash inflows. Half of the sales are paid for with cash. Twenty-five percent are paid for in each of the two months following the sale.Joseph Pharmacy has the following expenses: (show all of your work) and submit in APA format. Title page, introduction and conclusion apply here.Monthly rent of $1,500Wages of $5,000 each monthPurchases50% of next month’s sales————————————————————–Cash Outlay20% in month purchased80% in the previousmonthFrom the information provided:1. 1.Calculate the projected Cash Receipts for the three months of February, March, and April (Tables have been set up for you)A Schedule of Projected Cash Receipts for Joseph Pharmacy (25 points)Sales forecastDecemberJanuaryFebruaryMarchAprilCash SalesCollection of AR:Lagged 1 MonthLagged 2 Months Other Cash ReceiptsTotal Cash Receipts  2. 2.Calculate the projected Cash Disbursements for the same monthsA Schedule of Projected Cash Disbursements for Joseph Pharmacy (30 points)SalesDecemberJanuaryFebruaryMarchAprilPurchases(50% of next month’s sales)Current month (.20)Lagged 1 month (.80)  Rent payments Wages/Salaries Total Indicate what the total cash balance would be at the end of these three months if the cash balance at the beginning of February was $1,500. (30 points)February Cash balance Total Cash ReceiptsDecemberJanuaryFebruaryMarchAprilCash Disbursements Balance Balance from Feb – April 4.   Define cash inflows and cash outflows 10 points5.   If I have a budget where expected gross receipts are what is obtained in #1 and my expected cash disbursements are what is obtained in #2. What can you tell me about the cash balance (obtained in #3) if you were doing a variance analysis? How would you attempt to explain the variance? 10 points6.   What is a cash budget, a flexible budget, CAPEX, and OPEX? 10 points7.   How often do you use some form of budgeting? Why? 10 points8.   If the business world is allowed to explain away their variances to budget, why is budgeting so important? 10 points9. Title page, introduction, conclusion, APA format, grammar, and sentence structure (15 points)