E3-7B. Prepare Cash Budget From Budgeted Transactions McCal Il Company anticipates a cash balance of $100,000 on July 1, 2016. The following budgeted transactions for July 2016 present data related 8 L04 to anticipated cash receipts and cash disbursements: 1. For July, budgeted cash sales are $72,000 and budgeted credit sales are S$600,000. (Credit sales SERVICE for June w ere S55000 ) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale. 2. Budgeted merchandise purchases for July are $340.000. (Merchandise purcha $290,000 ) in the month is paid for in the following month. ses in June were of purchase, 70% of merchandise purchases are paid for, and the balance 3. Budgeted cash disbursements for salaries and operating expenses for July total $200,000 4. During July, $30,000 of principal repayment and $5,000 of interest payment are due to the 5. A S25.000 income tax deposit is due to the federal government during July 6. A new delivery truck will be purchased during July for $7,000 cash and a $10,000 note pa yable. Depreciation for July will be $600. Prepare a cash budget for McCall Company for the month of July 2016