Sushi House has budgeted sales revenues as follows: Past experience indicates that 60% of the credit sales still be collected in the month of sale and the remaining 40% will be collected in the following month, Instructions: 1. Start with a schedule of cash collections for July and August to support the cash budget. ( 6 marks) 2. Prepare a cash budget for the month of July and August. Show the detailed items. ( 16 marks) 2. Prepare a cash budget for the month of July and August. Show the detailed items. ( 16 marks) Purchases of inventory are all on credit. 70% of purchases is paid in the month of purchase and 30% in the month following purchase. Budgeted inventory purchases are: Other cash disbursements budgeted: selling and administrative expenses of $54.000 each month, which includes $10.000 depreciation. Dividends of $30,000 will be paid in July, and purchase of a computer in August for $3,000 cash. The beginning cash balance on July I was $25,000. The company wishes to maintain a minimum cash balance of $20000 at the end of each month. The company borrows money from the bank at 12% annual interest if necessary to maintain the minimum cash balance. Borrowed money and interest is repaid in months when there is an excess cash balance