3. CASH COLLECTIONS AND BUDGETED BALANCE SHEET (2pts): WhereverltTakesUs, Ltd. budgets total sales for June, July, and August of $1,950,000, $2,005,000, and $2,180,000 respectively. Cash sales are 10% of total sales and the remaining 90% of sales are on credit (i.e. are on account). Of the credit sales, 20% are collected in the month of sale, 70% are collected during the first month after the sale, and the remaining 10% are collected in the second month after the sale. Calculate the expected total cash collections in August. b. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of August 31st. (Hint: Determine the amount of July and August credit sales that are still uncollected as of August 31). a. 4. CASH BUDGET (2pts): Five-O Corporation requires a minimum $15,000 cash balance. Loans taken to meet this requirement cost 0.5% interest per month (paid at the end of each month). Any preliminary cash balance above $15,000 is used to repay loans at month-end. The cash balance on October 1 is $15,000, and the company has an outstanding loan of $3,000. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. October November December Cash receipts $ 39,500 $ 41,900 $ 40,100 Cash payments 35,150 40,750 42,000 Prepare a cash budget for October. Use proper formatting, making sure to include the firm's name, the name of the budget, and the budget period (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)