The following data are available for the budget preparation of Raphael Corporation: July August September Total sales 400 440 360 Cash purchases 140 160 120 Credit purchases 80 60 80 Labor and administrative expenses 60 60 60 Taxes, interest, and dividends 20 20 20 Capital expenditures 200 0 0 Additional information: . Half the company's sales are transacted on a cash basis. The other half are paid for with a 1-month delay. The company pays all of its credit purchases with a 1-month delay. Credit purchases in June were 60. Total sales in June were 360. Cash balance at 1 July was 200. . . Instructions: a) Explain the role of cash budget. (5 points) b) Using the above information, complete the following cash budget. (15 points) July August September Beginning cash balance Cash receipts: Cash sales Cash collections from credit sales Total cash available Cash disbursements: Cash purchases Payments for credit purchases Labor and administrative expenses Capital expenditures Taxes, interest, and dividends Total cash disbursements Ending cash balance