connect homework chapter 23 (part 1) Question 5 (of 5) value: 10 00 points Use the following information to prepare the July cash budget for Sanchez Co. t should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. (Input all amounts as positive values. Omit the "$" sign in your response.) a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720.000 June (actual). $1.200.000 and July (budgeted), $1,400,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $430.000: and July (budgeted). $600.000, d. Budgeted cash disbursements for salaries in July: $211.000 e. Budgeted depreciation expense for July $12.000. f. Other cash expenses budgeted for July: $150,000. g. Accrued income tax due in July: $80,000. h. Bank loan interest due in July $6,600