Prepare Cash Budget from Budgeted Transactions McCall Company anticipates a cash balance of $88,000 on July 1, 2019. The following budgeted transactions for July 2019 present data related to anticipated cash receipts and cash disbursements: 1. For July, budgeted cash sales are $60,000 and budgeted credit sales are $588,000. (Credit sales for June were $550,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale. 2. Budgeted merchandise purchases for July are $328,000. (Merchandise purchases in June were $290,000.) In the month of purchase, 70% of merchandise purchases are paid for, and the balance is paid for in the following month. 3. Budgeted cash disbursements for salaries and operating expenses for July total $188,000. 4. During July, $30,000 of principal repayment and $5,000 of interest payment are due to the bank. 5. A $25,000 income tax deposit is due to the federal government during July. 6. A new delivery truck will be purchased during July for $4,500 cash and a $10,000 note payable. Depreciation for July will be $500. Prepare a cash budget for McCall Company for the month of July 2019. McCall Company Cash Budget For the Month Ended July 31, 2019 Beginning cash balance $ 0 Cash receipts: Cash sales 0 Collections on credit sales 0 Cash available $ 0 Cash disbursements: Payments for merchandise $ 0 Salaries and operating expense payments 0 Principal and interest payment 0 Income tax deposit 0 Payment on truck Total cash disbursements Ending cash balance 0 $ 0 $ 0