Anthony Ltd. prepares monthly cash budgets. The following information is available for the company: The following additional information is available: a. Sales are 100% on account and the company expects to collect 50% in the month of sale, 40% in the month following sale and 10% in the month after that. b. Direct material purchases are paid 30% in the month of purchase and 70% in the month after purchase. c. Sales for May were $201,000 and sales in June were $277,000. d. The company purchased $90,000 of direct materials in June. e. Direct labour is paid in the month the costs are incurred. f. Manufacturing overhead includes $10,000 of depreciation every month. The remaining costs are paid in the month incurred. f. Manufacturing overhead includes $10,000 of depreciation every month. The remaining costs are paid in the month incurred. g. Selling and administrative expenses include $5,000 of depreciation per month. The remaining cost are paid in the month incurred. h. In July the company collected $4,000 on a notes receivable. i. In August the company sold old equipment for $6,000 cash. j. In August the company purchased new equipment for $20,000 cash. k. The cash balance on August 1 is expected to be $50,700. I. The company maintains a minimum cash balance of $41,000 per month. Prepare a cash budget for AUGUST. What is the beginning cash balance for AUGUST? A What is the total collections on accounts receivable for AUGUST? HINT: Produce a cash collections schedule to determine this amount! A What is the total of all other miscellaneous cash collected during the month. HINT: consider other cash collections such as from notes receivable and the sale of equipment, if applicable. A What is the total cash available for AUGUST? A What is the total payment (cash disbursement) for direct materials for AUGUST? A What is the total payment (cash disbursement) for direct labour for AUGUST? A What is the total payment (cash disbursement) for overhead for AUGUST? A What is the total payment (cash disbursement) for selling and administrative for AUGUST? A What is the total payment (cash disbursement) for all other expenses for AUGUST? A What is the total disbursements for AUGUST? A What is the excess (deficiency) of cash available over needs? NOTE: if there is a deficiency enter your number as a negative (preceded by a minus sign) or in brackets. A A Does the company need to borrow funds in order to meet their minimum cash requirements? Enter either Y for YES or N for NO A View hint for Question 4