Malaysian Agrifood Corporation Berhad reported sales of RM$70,000$ in May and RM$80,000$

in June. The forecast sales for July, August and September are RM$90,000,$ RM$100,000,$ and

RM$110,000,$ respectively. The beginning cash balance on July $1$ is RM$3,000$ and the firm

wishes to maintain a minimum cash balance of RM$5,000$ every month. The total long$-$term

liabilities of the company is RM$25,000.$ Given the following data, prepare a cash budget for

the months of July, August and September.

$(1)$ The firm makes $20\%$ of sales for cash, $60\%$ are collected in the next month, and the

remaining $20\%$ are collected in the second month following sale.

$(2)$ The firm receives other income of RM $2,000$ per month.

$(3)$ The firm$$s actual or expected purchases, all made for cash, are RM$65,000,$

RM$70,000,$ and RM$85,000$ for the months of July through September, respectively.

$(4)$ Rent is RM$5,500$ per month.

$(5)$ Wages and salaries are $10\%$ of the previous month$$s sales.

$(6)$ The net income is RM$30,000.$ Cash dividends is $20\%$ of the net income and will be

paid in August.

$(7)$ The payment of principal and interest of the long$-$term liabilities is $20\%$ of the total

long$-$term liabilities and the payment is due in August.

$(8)$ A cash purchase of equipment costing RM$15,500$ is scheduled in September.

$(9)$ The earnings before taxes is RM$100,000.$ The taxes amount is $10\%$ of the earnings

before taxes and it is due in August. $($ANSWER IN TABLE$)$