Blossom Company has budgeted sales revenues as follows:

		June		July		August
Credit sales		$30,000		$30,000		$25,000
Cash sales		20,000		50,000		40,000
Total sales		$50,000		$80,000		$65,000

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		$65,000
July		50,000
August		20,000

Other budgeted cash disbursements: (a) selling and administrative expenses of $7,000 each month, (b) dividends of $20,000 will be paid in July and (c) purchase of a computer in August for $6,000 cash. The company wishes to maintain a minimum cash balance of $10,000 at the end of each month. The company borrows money from the bank at 8% 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 $10,000. Assume that borrowed money, in this case, is for one month.

Prepare separate schedules for Spected collections from customers. Schedule of Expected Collections from Customers Credit sales July August July Total collector $ $ e Textbook and Medis Prepare separate schedules for expected payments for purchase of inventory Schedule of Erted Payments for purchase of inventory Inventory purchases July August S July Aut Total payments 5 cTextbook and Media Llossom Company has budgeted sales revenues as follows: July $30,000 Cred sale Cash sales Total sales June $30.000 20.000 $50 000 August $25.000 40 Sen ond Past experience indicates that 605 of the credit sales will be collected in the month of sale and the remaining 4055 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 inwentary purchases are as follows: July August 565.000 50.000 20.000 Other budgeted cash disbursements: (a) selling and administrative expenses of $7,000 each month. (ti dividends of $20,000 will be paid in July and (c) purchase of a computer in August for $6,000 cost The company wishes to maintain a minimum cash balance of $10.000 at the end of each month. The curreny borrovie money from the bent interest, if necessary to maintain the minimum cash balance Borrowed money irepaid in months when there is on excess cash balance. The beginnine cash balance on July 1 was $10.000. Assume that borrowed money. In this case. Is for one month Prepare a cash bude for the months of July and August. De not leave any answer field blank. Enter for amounts. BLOSSOM COMPANY Cash Budpur For the Months of July and Ant July Alsust