The following information Is avallable to assist you in preparing a company's cash budget. a. The cash balance on July 1 is $53,400. b. Actual sales for May and June and expected sales for July are as follows: Sales on account are collected over a three-month perlod as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of Inventory will total $341,000 for July. Thirty percent of a month's inventory purchases are pald during the month of purchase. The accounts payable remaining from June's Inventory purchases total $165,000, all of which will be pald in July. d. Selling and administrative expenses are budgeted at $516,000 for July. Of this amount, $94,900 is for depreciation. e. A new web server for the Marketing Department costing $121,500 will be purchased for cash during July, and dividends totaling $13,000 will be pald during the month. f. The company malntains a minimum cash balance of $20,000. An open IIne of credit is avallable from the company's bank to Increase Its cash balance as needed. Required: 1. Calculate the expected cash collections for July. 2. Calculate the expected cash disbursements for merchandise purchases for July. 3. Prepare a cash budget for July. Indicate In the financing section any borrowing that will be needed during the month. Assume that any Interest will not be pald untll the following month. Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash collections for July. 2. Calculate the expected cash disbursements for merchandise purchases for July