Regular and Short Company developed the following data for the preparation of the July 2023 budget:

Expected Beginning Cash balance July 1: $12,300

Expected total sales in July: $120,000. Sales are 25% cash and 75% on account. Credit sales are collected as follows:

30 percent in the month of sale, 60 percent in the following month, and 10 percent in the second month following the sale.

Actual credit sales for the previous months were:

June, $60,000

May, $50,000 and

April $40,000

The expected purchase of inventory for July is $45,000. Actual June purchases were $34,000, May $32,000, and April $40,000. 20% of the purchases are paid in the month of purchase, 70% in the following month, and the remainder in the second month following purchases.

Expected Expenses for July are:

Salaries $28,400,

Utilities $1,900, and

Selling and administrative expenses will be $47,000 of which depreciation on the building is $4,000.

Required: [SHOW DETAILED CALCULATIONS TO GET PROPER CREDIT]

A).Calculate the anticipated cash receipts from sales in July.(5 Marks)

B).Calculate the anticipated total cash available in July.(3 Marks)

C).Calculate the July cash payments for purchases.(4 Marks)

D).Calculate the anticipated cash balance on July 31.(5 Marks)