The following information is from Tejas WindowTint's financial records Month April May Sales $76,00 66,000 72,000 74,000 Purchases $46,000 54,000 42,890 60,000 June July Collections from customers are normally 67 percent in the month of sale, 16 percent in the month following the sale, and 15 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 3 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $68,000, and sales for August are forecasted at $74.000 Cash disbursements for expenses are expected to be $15.000 for the month of August. The company's cash balance on August 1 was $36.000 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 Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the expected cash collections during August. TEJAS WINDOW TINT Expected Cash Collections August Month Sales Percent Expected Collections % % % Total Required 2 > Required 1 Requiredha Required 3 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 Required 1 Required 2 Required 3 Calculate the expected cash balance on August 31. TEJAS WINDOW TINT Expected Cash Balance August 31 Balance, August 1 Expected balance