QUESTION: Anthony Ltd. prepares monthly cash budgets. The following information is available for the company: July August Sales $357,000 $404,000 Direct materials purchases $119,000 $111,000 Direct labour $84,000 $112,000 Manufacturing overhead $69,000 $89,000 $76,000 $80,000 Selling & administrative expenses The following additional information is available: a. Sales are 100% on account and the company expects to collect 50% in the month of sale, 40% in the month following sale and 10% in the month after that. b. Direct material purchases are paid 30% in the month of purchase and 70% in the month after purchase. c. Sales for May were $201,000 and sales in June were $277,000. d. The company purchased $90,000 of direct materials in June. e. Direct labour is paid in the month the costs are incurred. f. Manufacturing overhead includes $10,000 of depreciation every month. The remaining costs are paid in the month incurred. g. Selling and administrative expenses include $5,000 of depreciation per month. The remaining cost are paid in the month incurred. h. In July the company collected $4,000 on a notes receivable. i. In August the company sold old equipment for $6,000 cash. j. In August the company purchased new equipment for $20,000 cash. k. The cash balance on July 1 is expected to be $50,000. I. The company maintains a minimum cash balance of $41,000 per month. Prepare a cash budget for July. What is the beginning cash balance for July? What is the total collections on accounts receivable for July? HINT: Produce a cash collections schedule to determine this amount! What is the total of all other miscellaneous cash collected during the month. HINT: consider other cash collections such as from notes receivable and the sale of equipment, if applicable. What is the total cash available for July? What is the total payment (cash disbursement) for direct materials for July? What is the total payment (cash disbursement) for direct labour for July? What is the total payment (cash disbursement) for overhead for July? What is the total payment (cash disbursement) for selling and administrative for July? What is the total payment (cash disbursement) for all other expenses for July?