3 . Duffy C orporation has preparedthe following sales budget: Month Cash Sales Credit Sales Ma 16 000 68 000 June 20 000 80 000 July 18,000 74,000 August 24,000 92,000 September 22,000 76,000 Collections are 40% in the month of sale, 45% in the month following the sale, an d 10% two months following the sale. The remaining 5% is expected to be uncollectible. Prepare a schedule of cash collections for July through September. 4. Perry Company has gathered the following information: April 30, cash balance, $90,000 Dividends paid in May, $24,000 Cash expenditures in May for operating expenses, $73,600 Amortization expense in May, $9,000 Cash collections in May, $178,000 Merchandise purchases paid in cash in May, $112,400 Purchased equipment for cash in May, $35,000 Perry desires to keep minimum cash balance of $20,000. Prepare a cash budget for May, and indicate whether or not Perry meets minimum cash requirements