Flying Bird, Inc., a distributor of fast food, has the following historical collection pattern for its credit sales. 65 percent collected in the month of sale. 20 percent collected in the first month after sale. 10percent collected in the second month after sale. 3percent collected in the third month after sale. 2percent uncollectible. The sales on account have been budgeted for the firstseven months as follows: January$62,000 February74,000 March84,000 April94,000 May104,000 June114,000 July99,000O ther data for July is as follows:Depreciation Expense$34,000Payments for purchases45,000Cash Balance on June 3026,200Required:Calculate the following:1.Cash collections in July. 2.Cash balance as of July 31.