A company has budgeted sales revenues for 2020 as follows: June July August Credit sales $85,000 $80,000 $72,000 Cash sales 14,000 25,000 32,000 Total sales $99,000 $105,000 $104,000 Past experience indicates that 70% of the credit sales will be collected in the month of sale and the remaining 30% will be collected in the following month. Purchases of inventory are all on credit and 60% is paid in the month of purchase and 40% in the month following purchase. Budgeted inventory purchases are: June $45,000 July 43,000 August 40,000 Other cash disbursements budgeted: selling and administrative expenses of $14,000 each month dividends of $30,000 will be paid in July, and purchase of a computer in August for $3,000 cash The company wishes to maintain a minimum cash balance of $20.000 at the end of each month. The company borrows money from the bank at 9% interest, if necessary, to maintain the minimum cash balance. Borrowed money is repaid in the months when there is an excess cash balance. The beginning cash balance on July 1 is $25,000. All amounts borrowed during a month are borrowed on the first Other cash disbursements budgeted: selling and administrative expenses of $14,000 each month, dividends of $30,000 will be paid in July, and purchase of a computer in August for $3,000 cash. The company wishes to maintain a minimum cash balance of $20,000 at the end of each month. The company borrows money from the bank at 9% interest, if necessary, to maintain the minimum cash balance. Borrowed money is repaid in the months when there is an excess cash balance. The beginning cash balance on July 1 is $25,000. All amounts borrowed during a month are borrowed on the first day. All amounts repaid are paid at the end of the month. Interest must be paid on a monthly basis on the balance butstanding at the beginning of the month. The loan balance as of July 1 is $26,000. Determine the following for the month of July 2020 (whole $ amounts, no decimal points, but use comma separator, i.e., 50,000): 1. Total cash receipts: $ 2. Total cash disbursements for purchases: $ 3. Total other cash disbursements (not including purchases): $ 4. Excess of available cash over disbursements: $ 5. Borrowings or repayments of financing (if repayments, include interest paid and show with a minus-sign, not a bracket, e.g.-50,000): 5 6. Ending cash balance: $ 20,000 Next