The controller of Bonita Company wants to improve the company's control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2022. June 30, 2022, cash balance $40,500 Dividends to be declared on July 15" 10,800 Cash expenditures to be paid in July for operating expenses 36,720 Amortization expense in July 4,050 Cash collections to be received in July 81,000 Merchandise purchases to be paid in cash in July 50,580 Equipment to be purchased for cash in July 18,000 "Dividends are payable 30 days after declaration to shareholders of record on the declaration date. Bonita Company wants to keep a minimum cash balance of $22,500. "Dividends are payable 30 days after declaration to shareholders of record on the declaration date. Bonita Company wants to keep a minimum cash balance of $22,500. (a) Prepare a cash budget for the month ended July 31, 2022, and indicate how much money, if any, Bonita Company will need to borrow to meet its minimum cash requirement Borrowings 3 BONITA COMPANY Cash Budget Oriole Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $208,000 February 228,800 March 260,000 $31,200 37,440 39,520 Oriole's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Oriole's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. Oriole's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Oriole's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. ORIOLE COMPANY Schedule of Expected Collections from Customers March Total collections. (b) Prepare a schedule of expected payments for direct materials for March. ORIOLE COMPANY Schedule of Expected Payments for Direct Materials March Total payments > >