Exercise 9-26 Cash Budgeting (LO 9-3, 9-5) The following information is from Tejas WindowTint's financial records. Month Sales April$73,000 May 69,000 June 63,000 July 86,000 Purchases $43,000 59,000 47,000 65,000 Collections from customers are normally 68 percent in the month of sale, 17 percent in the month following the sale, and 13 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account Management takes full advantage of the 3 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $64,000, and sales for August are forecasted at $70,000. Cash disbursements for expenses are expected to be $14,200 for the month of August. The company's cash balance on August 1 was $40,000. Required: 1. Prepare the expected cash collections during August 2. Prepare the expected cash disbursements during August 3. Calculate the expected cash balance on August 31