The following information is from Tejas WindowTint's financial records. Month April May June July Sales $78,000 68,000 68,000 71,000 Purchases $ 46,000 58,000 46,000 64,000 Collections from customers are normally 70 percent in the month of sale, 19 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 4 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $62,000, and sales for August are forecasted at $68,000. Cash disbursements for expenses are expected to be $14,800 for the month of August. The company's cash balance on August 1 was $35,000. 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. Prepare the expected cash collections during August. TEJAS WINDOW TINT Expected Cash Collections August Month Sales Percent Expected Collections % % % Total Prepare the expected cash disbursements during August. TEJAS WINDOW TINT Expected Cash Disbursements August July purchases to be paid in August Net Cash disbursements for expenses Total Calculate the expected cash balance on August 31. TEJAS WINDOW TINT Expected Cash Balance August 31 Balance, August 1 Expected balance