7 Sushi House has budgeted sales revenues as follows: June July August Cash sales $ 24,000 $ 20,000 $ 30,000 Credit sales 85,000 80,000 72,000 Total sales $109,000 $100,000 $102,000 8 9 11 Past experience indicates that 60% of the credit sales will be collected in the month of sale 13 Purchases of inventory are all on credit. 70% of purchases is paid in the month of purchase June $45,000 July 43,000 August 40,000 7 3 Other cash disbursements budgeted: selling and administrative expenses of $54,000 each month, which includes $10,000 depre Dividends of $30,000 will be paid in July, and purchase of a computer in August for $3,000 The beginning cash balance on July 1 was $25,000. The company wishes to maintain a min The company borrows money from the bank at 9% annual interest if necessary to maintain Borrowed money and interest is repaid in months when there is an excess cash balance. Sheet1 New... 18 Other cash disbursements budgeted: 9 selling and administrative expenses of $54,000 each month, which includes $10,000 de Dividends of $30,000 will be paid in July, and purchase of a computer in August for $3,0 1 2. The beginning cash balance on July 1 was $25,000. The company wishes to maintain ar The company borrows money from the bank at 9% annual interest if necessary to maint Borrowed money and interest is repaid in months when there is an excess cash balance Instructions: 1. Start with a schedule of cash collections for July and August to support the cash bu 2. Prepare a cash budget for the month of July and August. Show the detailed items.(