$ The following information appeared in the balance sheet of XYZ Ltd at 30 June 2015: Cash at bank 28 000 f 16 000 Provision for income tax (payable in August) Provision for dividends (payable in July) 25 000 sion Prepaid rent 2 000 Land 255 000 Actual sales and purchases for June, and estimated figures for July and August are as follows: June July August Sales 320 000 295 000 255 000 Purchases 160 000 185 000 166 000 Sales are 20% cash and 80% credit. From previous experience, management knows that 50% of each month's credit sales will be collected in the same month as the sale, 50% in the following month. The company only purchases inventory on credit. From past experience, management knows that 40% of purchases will be paid for in the month of purchase, and 60% in the following month. Other Information: The business is planning to pay cash for a new motor vehicle on 1 August. The vehicle will cost $65 000. It is estimated it will last eight years and will have a salvage value of $6500. The company pays rent quarterly (every three months) in advance. The quarterly payment has not changed in the past year and the next payment is due on 1 August The company pays a monthly telephone account of $2 200. The company expects a sale of some of its land to be finalised in July when they will receive $125 000. The only other expense of XYZ Ltd, apart from ones already mentioned, is sales commission which is 35% of sales for the month. Bad debts can be ignored. Required: Prepare a cash budget for the months of July and August, including a total column for the two-month period and correct titles. [ 15 marks]