Carla Vista Company has budgeted sales revenues as follows: June July August Credit sales Cash sales $38,000 28,000 $38,000 $33,000 58,000 48,000 Total sales $66,000 $96,000 $81,000 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 $67,000 July August 58,000 28,000 Other budgeted cash disbursements: (a) selling and administrative expenses of $9,500 each month, (b) dividends of $28,000 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 $18,200 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 $18,200. 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.) CARLA VISTA COMPANY Cash Budget For the Months of July and August Add : : Total Receipts July August $ 58000 $ 48000 $ $