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Prepare a cash budget for the months of July and August. (Do not leave ony answer field blank. Enter O for amounts.) Shelfield. Inc. has budgeted sales revenues as follows: Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on account with 50% is paid in the month of purchase and 50% paid in the month following porchase Budgeted inventory purchases are as follows: Other cash disbursements budgeted: (a) selling and administrative expenses of $51.000 each month, (b) dividends of $110,000 will be paid in July, and (c) purchase of equipment in August for $40,000 cash. Schedule of Expected Collections from Customers \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Schedule of Expected Collections from Customers } \\ \hline Creditsales & & & & t \\ \hline June & $ & 56800 & $ & 0 \\ \hline July & & 76200 & & 50800 \\ \hline August & & 0 & & 54000 \\ \hline Total collections & s & 133000 & $ & 104800 \\ \hline \end{tabular} Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month, Purchases of imventory are alf on account with 50% is paid in the month of purchase and 50% paid in the month following purchase. Budgeted inventory purchases are as follows: Other cash disbursements budgeted: (a) selling and administrative expenses of $51,000 each month, (b) dividends of $110,000 will be paid in July, and (c) purchase of equipment in August for $40,000 cash. The companys pollcy is to maintain a minimum cash balance of $50,000 at the end of each month. The company borrows money from the bank at 6 K interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $50,000. Assume that borrowed money in this case is for one month. Selling and Administrative Experises Dividends Equipment Purchase Total Disbursements Excens (deficiency) of available cash over disbursements Financing Elorrowings Repsyments Ending Cash Balance eTexthnok and Media