15. Bristol Corporation is facing liquidity challenges, the CFO is under pressure to overcome the challenges. The CFO provided you following selected financial data for the month of July 2021. Accounts receivable, July 1, 2021 Forecasted sales for July..... 120 900 Business Administration Program Final Assessment Semester Spring 2021 Page 5 Forecasted accounts receivable, July 31, 2021 ....... 126 Inventory, July 1, 2021. 150 Desired inventory, July 31, 2021. 90 Depreciation expense for July. 40 Miscellaneous outlays for July. Cash, July 1, 2021 ..... $ 120 Minimum cash balance desired.. 50 Accounts payable, July 1, 2021 108 60 Additional Information: 1. Gross profit is estimated 20% of sales. 2. Bristol Corporation purchases all inventory on the second day of the month and receives it the following week. 3. Bristol Corporation pays 75% of payables within the month of purchase and the balance in the following month. 4. Bristol Corporation pays all remaining expenses in cash. Required: Prepare the cash budget for the month of July 2021