Antonio Pizza Parlor provided the following information for the month of July:

1. Sales are budgeted to be $177,000. About 80% of sales is cash; the remainder is on account.
2. Antonio Pizza Parlor expects that, on average, 75% of credit sales will be paid in the month of sale, and 25% will be paid in the following month.
3. Food and supplies purchases, all on account, are expected to be $124,000. Antonio Pizza Parlor pays 30% in the month of purchase and 70% in the month following purchase.
4. Most of the work is done by the owners, who typically withdraw $8,000 a month from the business as their salary. (Note: The $8,000 is a payment in total to the two owners, not per person.) Various part-time workers cost $7,800 per month. They are paid for their work weekly, so on average 80% of their wages are paid in the month incurred and the remaining 20% in the next month.
5. Utilities average $5,300 per month. Rent on the building is $4,700 per month.
6. Insurance is paid quarterly; the next payment of $1,400 is due in October.
7. June sales were $192,000 and purchases of food and supplies in June equaled $138,000.
8. The cash balance on July 1 is $4,500.

Prepare a Cash Budget

1). Calculate the cash receipts expected in July (show all calculations).

2). Calculate the cash needed in July to pay for food purchase (show all calculations).

3). Prepare a cash budget for the month of July (use Excel Worksheet