Elue Spruce Inc has budpeted wles reverues as follows Past experience indicates that 605 of the credit sules will be collected in the month of sale and the remaining 401 Will be collected in the following month. Purchasos of inventory are atl on account with SON is paid in the month of purchase and SON/ pald in the montk following purchase. Budgeted inventory purchases are as follows: Other cash dinbursements bud geted (a) selling and administrative exponses of $54,000 ejch month, (b) dividents of $104,000 will be paid in July, akd (c) purchase of eecipment in August for $33,000cash. The compamp policy is to maintah a minimum cash balance of 350,000 at the end of each month The comvany bocrovs inoney from the bank at 6 SCinterest il necessary to maintain the minimuen casb balance. Eorrowed money is repald in months when there is an ovcess cash balance. The besinning cash balance on July 1 was $50,000. Assume that borrosped money in this care h for one month Blue Ssrucen, ioc, has budected raies revenues at follows: following purchase lluserted if rentory purchases areas folions paid in Nolv, and fo poritive af equepreat in hugnt for 533000 cash