Cash budget-part 1 Prime Time Sportsweat is a custom imprinter that began operations six months ago. Sales have exceeded management's most optirnistic projections Sale are made on account and collected as follows: 60% in the month after the sale is made and 35% in the second month after salo Merchandise purchases and operafing expense are paid as follows: PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to rellect the success of the firm, follows Cash on hand June 30 is estimated to be $75,000. Collections of June 30 accounts receivable were estimated to be $40,000 in Jaly and $30,000 in August. Payments of June 30 . accounts payable and accued expenses in July were estimated to be 548,000 Cash on hand June 30 is estimated to be $75,000. Collections of June 30 accounts recelvable were estimated to be $40,000 in July and $30,000 in Nugust Raymurau ur warte accounts payable and accrued expenses in July were estimated to be $48,000 Required: a. Prepare a cash budget for July b. What is your advice to management of PrimeTine Spertswear