Problem 14-21 (Algo) Cash budget-part 1 LO 14-4, 14-7 [The following information applies to the questions displayed below.] Primelime 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: 51% in the month after the sale is made and 46% 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 In the subsequent month PrimeIime Sportsweat'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 $40,000. Collections of June 30 accounts recelvable were estimated to be $19.540 in July and $14.840 in August. Payments of June 30 accounts payable and accrued expenses in July were estimated to be $23,690. Problem 14-21 (Algo) Part a Required: a. Prepare a cash budget for July. b. What is your advice to management of Primelime Sportswear? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct onswer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. secure more finance through sale of bouds Accelerote the collection of accounts receivable Slow down the collection of accounts receivable Accelerate the paynents of accocints poyable Slow down the paynent of nccounts payoble