Company A650 has budgeted sales revenues as follows: Table 4: Budgeted Sales Revenue July August June Credit sales $85,000 $80,000 $72,000 Cash sales 14,000 25,000 32,000 Total sales $99,000 $105,000 $104,000 indicates that 70% of the credit sales will be collected in the month of sale and the remaining 30% will be collected in the following month. Purchases of inventory are all on credit and 6096 is paid in the month of purchase and 40% in the month follovving purchase. Budgeted inventory purchases are: Table S: Budgeted Inventory Purchases June July $45,000 $43,000 $40,000 Other cash disbursements budgeted include selling and administrative expenses of $14,000 each month, dividends of $30,000 will be paid in July, and purchase of a computer in August for $3,000 cash. The company wishes to maintain a minimum cash balance of $20,000 at the end of each month. The company borrows money from the bank at 9% interest if it is necessary to maintain the minimum cash balance and interest must be paid each month whether there is a loan repayment or not. Borroued money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $25,000. All amounts borrowed during a month are borroued on the first day. The loan balance as of July 1 is $26,000. Question. Prepare a cash budget for the month of July, following the format given on next page. Further include detailed information on expected collections from customers and expected payments for purchases of inventory in the cash budget. Write your answers in the box provided. (30 points)