The following information is from Tejas WindowTint's financial records Month April May June July Sales $78,000 70,000 63,000 78,000 Purchases $54,000 52,000 40,000 58,000 Collections from customers are normally 68 percent in the month of sale, 20 percent in the month following the sale, and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 1 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $65,000, and sales for August are forecasted at $71,000. Cash disbursements for expenses are expected to be $14,400 for the month of August. The company's cash balance on August 1 was $23,000 Required 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31