Question 2 Harmony Company's budget committee provides the following information (budgeted) July Sales Cost of goods sold (GOGS) Salaries expense Rent expense Depreciation expense Insurance expense RM60,000 36,000 15,000 3,000 1,300 2,000 Additional information: a. The following information is extracted from the company's latest Statement of Financial Position (June) Cash Accounts receivable Merchandise inventory RM 25,000 20,000 18,500 18,000 Accounts payable Cash receipts are 80% in the month of sales, 15% in the following month of sale and 5% will be uncollectible b. c. The company plans to carry ending merchandise inventory for each month equal to 40% of the following month's budgeted cost of goods sold. Budgeted cost of goods sold for August totalled RM40,000 d. Half of the merchandise purchases are paid in the month of purchase and the remaining in the month following the purchase e. All operating expenses are paid as incurred. f. Office furniture costing RM15,000 will be purchased in July g. If the company needs to borrow, the borrowing occurs at the beginning of the month, and when cash is available for repayments (including 5% annual interest), the repayment occurs at the end of the month Required Prepare the cash budget for July, assuming the company requires a minimum cash balance of RM20,000 every month. Show relevant budgets to support your