2. The balance sheet of AB Company as of June 30 is given below: AB Company Balance Sheet June 30 Assets Cash 10,000 Accounts Receivable 70,000 Inventory 25,000 Building and equipment, net of depreciation 5,05,000 Total assets 6,10,000 Liabilities & Stockholders' Equity Accounts payable, suppliers 88,000 Note payable 17,000 Capital stock 4,00,000 ined earnings 1,05,000 Total liabilities & stockholders' equity 6,10,000 ses The company has assembled the following budgeted data relating to July: 1/2 (a) Purchases of inventory are expected to total Tk. 1,00,000 during July. 1 will be on account. 30% of all inventory purchases are paid in the month of purchases; the remainder is paid in the following month. All of the June accounts payable to suppliers will be paid during July. (b) Sales are budgeted at Tk. 3,00,000. Of these sales, Tk. 80,000 will be for cash; the remainder will be credit sales. One half of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the month following. All of the June 30 accounts receivable will be collected in July. (c) The July 31 inventory balance is budgeted at Tk.20,000. (d) Operating expenses for July are budgeted at Tk. 40,000, inclusive of depreciation. These expenses will be paid in cash. Deprecation is budgeted al Tk. 1,000 for the month. (e) The note payable on the June 30 balance sheet will be paid during July. During July, the company will borrow Tk. 15,000 from its bank by giving a new note payable to the bank for that amount. (f) New equipment costing Tk. 10,000 will be purchased for 50% cash and 50% credit during July. Required: (1) Prepare a cash budget for July. (2) Prepare a budgeted income statement for July. (3) Prepare a budgeted balance sheet as of July 31