CASE 2 (20 points) Here are some important figures from the budget of Wise Corporation for the third quarter of 2020: July August September Credit sales $1,275,800 $1,483,500 $1,096,300 Credit purchases 765.480 890,160 657.780 Cash disbursements 348,600 395,620 337.150 Wages, taxes, and expenses Interest 29.900 29.900 29.900 Equipment 0 158.900 96,300 Credit sales collections Collected in month of sale 35% Collected month after sale 603 Never collected 5% June credit sales S1.135,020 June credit purchases S681.012 Beginning cash balance S425.000 All credit purchases are paid in the following month after the purchase. Instructions: a) Using the above information, complete the following cash budget. (15 points) July August September Beginning cash balance Cash receipts: Cash collections from credit sales Total cash available Instructions: a) Using the above information, complete the following cash budget. (15 points) July August September Beginning cash balance Cash receipts: Cash collections from credit sales Total cash available Cash disbursements: Payments for purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance b) What are the steps in preparing cash budget? Explain. (5 points)