PrimeTime Sportswear is a custom imprinter that began operations six months ago. Sales have exceeded management's most optimistic projections. Sales are made on account and collected as follows: $60\%$ in the month after the sale is made and $35\%$ in the second month after sale. Merchandise purchases and operating expenses are paid as follows:

In the month during which the merchandise is purchased or the cost is incurred $70\%$

In the subsequent month $30\%[$The following information applies to the questions displayed below.$]$

PrimeTime Sportswear is a custom imprinter that began operations six months ago. Sales have exceeded management's

most optimistic projections. Sales are made on account and collected as follows: $60\%$ in the month after the sale is made

and $35\%$ in the second month after sale. Merchandise purchases and operating expenses are paid as follows:

PrimeTime Sportswear's income statement budget for each of the next four months, newly revised to reflect the success of

the firm, follows:

Cash on hand June $30$ is estimated to be $$75,000.$ Collections of June $30$ accounts receivable were estimated to be

$$40,000$ in July and $$30,000$ in August. Payments of June $30$ accounts payable and accrued expenses in July were

estimated to be $$48,000.$

Required:

a$.$ Prepare a cash budget for July.