Blossom Company has budgeted sales revenu venues as follows: June July August Credit sales $41,000 $41,000 $36,000 Cash sales 31,000 61,000 51,000 Total sales $72,000 $102,000 $87,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and the remaining 50% in the month following purchase. Budgeted inventory purchases are as follows: June July August $83,000 61,000 31,000 Other budgeted cash disbursements: (a) selling and administrative expenses of $7,800 each month, (b) dividends of $31,000 will be paid in July and (c) purchase of a computer in August for $10,000 cash. The company wishes to maintain a minimum cash balance of $21,100 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 months when there is an excess cash balance. The beginning cash balance on July 1 was $21,100. Assume that borrowed money, in this case, is for one month. Prepare a cash budget for the months of July and August. (Do not leave any answer field blank. Enter O for amounts.) BLOSSOM COMPANY Cash Budget For the Months of July and August July August $ C pe here to search !! V V $ ype here to search