DoctorStrangeCorporationneedacash budgetfortheupcoming monthof July. Available information is as follows:

	July
BudgetedRevenuesandCosts
SalesRevenues	$2,400,000
AdministrativeExpense	1,000,000
Selling&MarketingCosts	200,000
OtherNon-ManufacturingCosts	100,000
DirectLaborCosts	600,000

Thecashbalanceasof June30is$90,000.

Thefirmgenerallycollects 40%ofitsreceivablesin themonthofsale,50%in themonth after, and the remaining 10% in the second month after the month of sale. Sales in May totaled $3,200,000, all credit sales. In June they totaled $2,700,000, all credit sales.

$2,000,000oftheJulysalesareexpectedtobecredit sales.Theremainingareexpected to be cash sales.

The firm pays its suppliers 10% in the month of purchase, and 90% in the following month(two-monthscheduleofpaymentstosuppliers).Junepurchasesofsupplieswere

$2,700,000.PurchasesfromsuppliersinJulyareexpectedtobe$1,500,000.

20%oftheAdministrativeExpense isDepreciation Expense(ofofficebuildingsetc).

Thefirmexpectsdividendpaymentstoshareholders of$100,000andequipment purchases of $500,000 in July.

Thefirm'spolicyisto maintain aminimumcashbalanceof$60,000atalltimes,andcan borrow from its bank to achieve that balance if needed.

Required:DoctorStrangeCorporation'sneed a cashbudgetforthe monthof July. 1*) prepare a "mini" cash- collections-from-customers schedule 2*) prepare a "mini" cash-payments-to-suppliers schedule and finally 3*) prepare the July cash budget itself, including planned borrowed if there is a cash shortfall (deficiency).