The following information is from the financial records of King Fisher Corporation: Month Sales April May June July $72.000 66,000 60.000 78,000 Purchases $42.000 48.000 36.000 54,000 Collections from customers are normally 70 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 made on account Management takes full advantage of the 2 percent discount allowed on purchases paid for by the tenth of the following month Purchases for the month of August are budgeted at $60,000, and sales for August are forecasted at $66,000. Cash disbursements for expenses are expected to be $14,000 for the month of August. The company's cash balance on August I was $22.000 Required: Prepare the following schedules: 1. Expected cash collections during the month of August 2. Expected cash disbursements during August 3. Expected cash balance on August 31