please help. urgent.
The following information is available to assist you in preparing a company's cash budget. a. The cash balance on July 1 is $56,800. b. Actual sales for May and June and expected sales for July are as follows: Sales on account are coliected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $305,000 for July. Thirty percent of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from June's inventory purchases total $172,500, all of which will be paid in July. d. Selling and administrative expenses are budgeted at $481,000 for July, Or this amount, $84,700 is for depreciation. e. A new web server for the Marketing Department costing $110,500 will be purchased for cash during July, and dividends totaling \$12,000 will be paid during the month. t. The company maintains a minimum cash balance of $20,000. An open line of credit is available from the company's bank to increase its cash balance as needed. Required: 1. Colculate the expected cash collections for July. 2. Calculate the expected cash disbursements for merchandise purchases for July. 3. Prepare a cash budget for July. Indicate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be paid until the following month. Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash collections for July. 2. Calculate the expected cash disbursements for merchandise purchases for July. The following information is avaliable to assist you in preparing a company's cash budget: a. The cash bolance on July 1 is $56,800. b, Actual saies for May and June and expected sales for July are as follows: Sales on account are coliected over a tree-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 19% colected in the second month folowing sole. The remaining 2 is uncolect ble. c. Purchases of inventory will total 5305,000 for July. Thirty percent of a month's inventory purchases are paid during the month of purchase. The accounts poyable remaining from June's inventory purchases 10ta1$172,500, all of which will be paid in July. d. Seling and administrative expenses are budgeted at $481,000 for July Of this amount, $84700 is for depreciation e. A new web setver for the Marketing Department costing \$110,500 will be purchased for cash during July, and dividends totaling $12.000 will be pald during the month t The company maintains a minimum cash balance of $20,000. An open line of credt is availabie trom the company's bank to increase its cash balance as needed. Required: 1. Colculate the expected cash collections for July. 2 Calculate the expected cash disbursements for merchandise purchases for July 3. Prepare a cash budget for July. Indicate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be peid until the following month. Complete this question by entering your answers in the tabs below. Prepere a cast budget for July. Indicate in the finending section any berrowitg that will be neted surks the month. Assume that any literest will noe be poid uneli the follewing menth
