Exercise 20-11 Cash Budget retailers in the area constitute 80 percent of Ciizens Produce's business; cash sales to that Citizens t Citizens Produce Co-op is one of the biggest produce oustomers at the company's retal outiet make up the other 20 percent. of sale, 30 percent operations in northern Texas. Credit sales to Collection records Indicate that ittzens Produce colets payment on 50 percent of ll credit sales durting the month in the month after the sale, and 20 percent in the second month after the sale. $70,000. Anticipated sales in July are $75,000; in August, $80,000; and in September, $90,000. The company's produce purchases are expected to total 945,000 in July, $$1,00 in August, and $60,000 n Saptember. The company pays for all 5 for depreciation of equpmont $1,.285s company has a new policy of maintaining a minimum monthly cash balance of $3,000 and can borrow from the quarter ended September 3o. Show the computation of cash receipts from credit sales in detail using the section Projected monthly costs for the quarter include $1,000 for heat, light, and for equipment repairs; and $500 for for rent; $1,120 for supplies; $1,705 for depreciation of equipment; $1,285 expenses. Other projected costs for thr quater are salaries and wages of $18,700 in July, S? 9,500 in August, and $20,500 in The company's cash balance at June 30 was $2,000. ffective Jbuly 1, the bank in multiples of $100. 1. Prepare a monthly cash budget for Otizens Produce Co-op for the below. If an amount is zero, enter "0 Cash Receipts on Account x Collection August September Month May June Total Credit Sales $ 9600 July August Totals