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The following information is available to assist you in preparing a company's cash budget. a. The cash balance on July 1 is $51,000 b. Actual saies for May and June and expected sales for July are as follows: Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $282,000 for July. Thiry percent of a month's inventory purchases are paid during the month of purchase. The accounts poyable remaining from June's inventory purchases total $170.500, all of which will be paid in July. d. Selling and administrative expenses are budgeted at 5471,000 for July. Of this amount. $61,100 is for depreciation. e. A new web server for the Marketing Department costing $118,500 wili be purchased for cash dueing July, and dividends totaling $18,000 will be paid during the month. 1. The company maintains a minimum cash balance of $20.000. An open line of credit is ovailable from the company's bank to increase iss cash balance as needed. Required: 1. Calculate the expected cash collections for July. 2. Caiculate the expected cash oisbursements for merchandise purchases for July. 3. Prepare a cash budget for July indicate in the financing section any borrowing thot war be needed during the month Assume that any interest will not be poid until the following month. Complete this question by entering your answers in the tabs below. 1. Calculate the axpected canh colections for 2yx 2. Ca culate the expected cash dipburnenents fos reech andize eurchates for July 2 Caicuiate the expected cash disbursements for merchandise purchases for July. 3. Prepare a cash budget for July, indicate in the financing section any borrowing that will be needed during the month. Assume t any interest will not be paid until the following month. Complete this question by entering your answers in 1 1. Calculate the expected canh collections for July. 2. Calculate the expected cash disbursements for marchandise purchases for July. Prepare a cash budget for July. Indicate in the financing section any borrowing that will be needed during th that any interest will not be paid until the following month