P23-2A Refer to Problem 23-1A. Software Direct's sales are 50% cash and 50% credit. Credit sales are collected in the month after sale. Inventory purchases are paid 70% in the month of purchase and 30% the following month. Salaries and sales commissions are paid three-fourths in the month earned and one-fourth the next month. Income tax is paid at the end of the year. The July 31, 20X3 balance sheet showed the following balances: Cash $20,000 Accounts payable 48,000 Salaries and commissions payable 13,500 Required 1. Prepare schedules of

(a) budgeted cash collections from customers.

(b) budgeted cash payments for purchases, and

(c) budgeted cash payments for operating expenses. Show amounts for each month and totals for August and September. Carry your computations to the nearest dollar. 2. Prepare a cash budget similar to Exhibit 23-13. If no financing activity took place, what is the budgeted cash balance on September 30, 20X3?