Question 1 continued (8marks) b) China Bull is a giftware wholesaler currently operating in Burwood. China Bull is hoping to expand and open a retail shop in Geelong later in the year. The business owners have provided you with the following information: All sales are on credit. The company collects 60% in the month following the sale and 40% two months following the sale. All purchases of stock are paid for one month after the purchase. Plant and Equipment costing $70 000 is expected to be acquired and paid for in July. The selling and distribution expenses are $38 000 each month. Administrative expenses are $80 000 per month. This includes $6 000 of depreciation expense. Selling & Distribution and Administrative Expenses are paid in the month they are incurred. The cash balance on 1 July 2022 is $8 000. The following sales and purchases data in 2022 have been compiled for the preparation of the budget: April $ May June July $ $ $ Purchases Sales 150 000 180 000 170 000 200 000 400 000 430 000 420 000 440 000 REQUIRED: Prepare a cash budget for the month of July 2022. (8 marks)