A company's budgeted sales and cash payments for merchandise for the next two months follow. Budgeted sales Budgeted cash payments for merchandise purchases July $ 32,900 20,310 August $ 41,900 17,340 Sales in June are $26,000. Sales are 40% cash and 60% on credit. All credit sales are collected in the month after the sale. The June 30 balance sheet includes $12,600 in cash and $2,100 in loans payable. The company requires a $12,600 minimum cash balance. The company takes loans as needed at month end to meet this minimum balance. Interest of 1% month (based on the loan balance at the beginning of the month) is paid at each month-end. Preliminary cash balances above $12.600 at each month-end are used to repay any loans. Expenses include office salaries of $5,330 per month, rent of $3,230 per month, sales commissions at 10% of sales dollars, and shipping at 2% of sales dollars; these expenses are paid in the month incurred. Dividends of $1,080 will be paid in August. Enter answers in the tabs below. Required A Required B Prepare a schedule of cash receipts.from sales for July and August. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round final answers to the nearest whole dollar. Sales Schedule of Cash Receipts from Sales July August $ 32,900 $ 41,900 Cash receipts from Cash sales Collections of prior period sales Total cash receipts Beginning cash balance Total cash available Less: Cash payments for Cash Budget Total cash payments Preliminary cash balance Ending cash balance July August Loan balance $ 2,100 $ 6,179 Loan balance, Beginning of month Additional loan (loan repayment) Loan balance, End of month < Required A Required