Palmer Company has budgeted sales revenues as follows: June July August Credit sales $35,000 $30,000 $28,000 Cash sales 18,000 51,000 39,000 Total sales $53,000 $81,000 $67,000 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 credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted inventory purchases are: June $65,000 July 53,000 August 21,000 Other budgeted cash disbursements: (a) selling and administrative expenses of $7,000 each month, (b) dividends of $19,000 will be paid in July, and (c) purchase of a computer in August for $6,000 cash. The company wishes to maintain a minimum cash balance of $10,000 at the end of each month. The company borrows money from the bank at 9% 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 $10,000. Assume that borrowed money in this case is for one month. Prepare a cash budget for the months of July and August. (If answer is zero, please enter 0. Do not leave any fields blank.).

Also Prepare separate schedules for expected collections from customers

Also Prepare separate schedules for expected payments for purchases of inventory