Required information Problem 14-21 (Algo) Cash budget-part 1 LO 14-4, 14-7 [The following information applies to the questions displayed below.] PrimeTime 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 seconc th after sale. Merchandise purchases and operating expenses are paid as follows: In the month during which the merchandise is purchased or the cost in incurred In the subeequent month PrimeTime Sportswear'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 $40,260. Collections of June 30 accounts recelvable wore estimated to be $20,490 in July and $15,430 in August. Payments of June 30 accounts payable and accrued expenses in July were estimated to be $24,320. Required: a. Prepare a cash budget for July