The following information is available to assistyou in preparing a companys cash budget. a. The cash balance on July 1 is $51,000. b. Actual sales for May and June and expected sales for July are as follows: Saies on account are collected over a three-month period as follows: 203 collected in the month of sale, 60 s coliected in the month following sole, and 18% collected in the second month following sole. The remaining 2% is uncollectible. c Purchases of imentofy will total $282000 for July Thiry percent of a month's imventory purchoses are paid during the moath of purchase. The accoums psyabie remaining from June's inventory purchases total $170,500, all of which will be paid in July. d. Selling and administravive expentses ate budgeted at 5471.000 for Juy. of this amount 561,100 is for deprecietion e. A new web sever for the Marketing Deparment costing $118,500 will be purehased for cash during July and dividends totaling 516,000 wht be paid during the month t. The company maintains a minimum cash balance of 520,000 . An ogen line of eredi is avallable fom the compary/s bank to increase its cash balance as necded Requlred: 1. Calculate me expected cash coliections for July. 2. Caiculate the expected cash dibursements for merchsnd se purchases for duly. 3. Prepare a cash budget for duly. Indcate in she finencing section any botrowing that will be needed during the mont Assume that eny intelegt will not be pela ungithe following month. Complete this question by entering yaur answers in the tabs below. 2. Carisigen the supected canb crulectiens for Mey 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. Thirty percent of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from June's irventory purchases total $170.500, all of which will be paid in July. d. Seling and administrative expenses are budgeted at $471,000 for July. Of this amount, $61,100 is for depreciation. e. A new web server for the Marketing Department costing $118,500 will be purchased for cash during July, and dividends totaling $18,000 wis be paid during the month. f. The company maintains a minimum cash balance of $20,000. An open line of credit is aveliable from the company's bank to increase its cash balance as needed Required: 1. Caiculate the expected cash collections for July. 2 Calculate 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 that any interest will not be paid untit the following month. Complete this question by entering your answers in the tabs below. 1. Caiculate the axpected eash cellections for 3 whe 2. Colculate the expected caih disburiements for merchandise purchases for Jlly. Prepare a cash budget for July. Indicate in the financing section any borrowing that will be needed during the month. that any interest will not be paid until the following month