Sunland Company has budgeted sales revenues as follows: June Credit sales $48,000 38,000 July $48,000 68,000 August $43,000 58,000 Cash sales Total sales $86,000 $116,000 $101,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and the remaining 50% in the month following purchase. Budgeted inventory purchases are as follows: June $80,000 July August 68,000 38,000 Other budgeted cash disbursements: (a) selling and administrative expenses of $10,000 each month, (b) dividends of $38,000 will be paid in July and (c) purchase of a computer in August for $10,000 cash. The company wishes to maintain a minimum cash balance of $28,700 at the end of each month. The company borrows money from the bank at 9% interest, if necessary, to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $28,700. Assume that borrowed money, in this case, is for one month. Prepare a cash budget for the months of July and August. (Do not leave any answer field blank. Enter Ofor amounts.) SUNLAND COMPANY Cash Budget For the Months of July and August July August Beginning Cash Balance $ $ Add V Receipts Collections From Customers Cash Sales Total Receipts Total Available Cash Less Disbursements Purchases