Answer the following as completely as possible. Show your calculations to earn full credit and ensure any partial credit that may be due to you. Boston Industries is preparing its cash budget for the month of July of the current year. Total sales for the July are budgeted at $76,250. Sales are 80% cash, with the remaining 20% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $28,000, and the accounts receivable (all related to June sales) balance is $22,000. Operating expenses for July are budgeted at $57,000, which includes $5,000 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $47,400 for July. Real estate taxes of $6,000 are also due in July. Boston has determined that they need a minimum cash balance of $20,000. The company can borrow up to $50,000 at any time from a local bank, with interest of 1% per month not due until the following month. Prepare the cash budget for July for Boston Industries in good form. As part of the budget, determine the amount of financing required in July