Riverbed, Inc. has budgeted sales revenues as follows: June July August Credit sales $ 136,000 $ 126,000 $ 93,000 Cash sales 99,000 258,000 199,000 Total sales $ 235,000 $ 384,000 $ 292,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on account with 50% is paid in the month of purchase and 50% paid in the month following purchase. Budgeted inventory purchases are as follows: June $300,000 July 224,000 August 109,000 Other cash disbursements budgeted: (a) selling and administrative expenses of $ 48,000 each month. (b) dividends of $ 106,000 will be paid in July, and to purchase of equipment in August for $ 40,000 cash. The company's policy is to maintain a minimum cash balance of $ 50,000 at the end of each month. The company borrows money from the bank at 6% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $50,000. Assume that borrowed money in this case is for one month Prepare a cash budget for the months of July and August (Do not leave only answer field blank. Enter o for amounts.) RIVERBED, INC. Cash Budget For the Two Months of July and August July August Beginning Cash Balance . $ 50000 50C Add Recepti Collections from customers Cash Sales Total Recelts Total Available Cash Less Disbursements Purchases Selling and Administrative Expenses wide Equipment Purchase Total Disbursements Excess (deficiency of available cash over disbursements Financing Borrowings Repayments $ Ending Cash Balance Attempts: 0 of 1 used Submit Answer Save for Later Last saved 19 minutes ago Saved work will be auto-submitted on the due date Auto- minutes