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EXERCISE 7-il Schedules of Expected Cash Collections and Disbursements (LO2, LO4,L lgon Products, a distributor of organic beverages, needs a cash budget for September. The foll formation is available: owing in The cash balance at the beginning of September is $9,000. Actual sales for July and August and expected sales for September are as follows: a. b. July 6,500 $26.500 August $5,250 0,000 $35,250 September $ 7,400 40,000 $47,400 Total sales Sales on account are collected over a three-month period in the following ratio: 10% collected in the month of sale, 70% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. Purchases of inventory will total $25,000 for September. Twenty percent of a month's inventory pur- chases are paid for during the month of purchase. The accounts payable remaining from August s in ventory purchases total $16,000, all of which will be paid in September Selling and administrative expenses are budgeted at $13,000 for September. Of this amount, $4,01 is for depreciation. c. d