The following information is available from the financial records of Pascoe Ltd: Sales Purchases Apri 1 $360 000 $210 000 May 330 000 240 000 June 300 000 180 000 July 390 000 270 000 Receipts from customers are normally 60 per cent in the month of sale, 30 per cent in the month following the sale, and 8 per cent in the second month following the sale. The balance is expected to be uncollectable. Pascoe takes full advantage of the 2 per cent discount allowed on purchases paid for by the 10th day of the following month. Purchases for August are budgeted at $600 000, and sales for August are forecast at $660 000. Cash payments for expenses (other than purchases) are expected to be $144 000 for the month of August. Pascoe's cash balance on 1 August was $220 000. Required: Prepare a cash budget for Pascoe for August that includes: 1. expected cash receipts during August 2. expected cash payments during August 3. expected cash balance on 31 August