The Peoria Supply Company sells for $40 one product that it purchases for $30. Budgeted sales in total dollars for next year are $720,000. The sales information needed for preparing the July budget follows: Month Sales Revenue May $30,000 June 41,000 July 50,000 August 51,000 Account balances at July 1 include these: Cash $20,000 Merchandise inventory 14,000 Accounts receivable (sales) 23,000 Accounts payable (purchases) 14,000 The company pays for one-half of its purchases in the month of purchase and the remainder in the following month. End-of-month inventory must be 50 percent of the budgeted sales in units for the next month. A 2 percent cash discount on sales is allowed if payment is made during the month of sale. Experience indicates that 50 percent of the billings will be collected during the month of sale, 40 percent in the following month, 6 percent in the second following month, and 4 percent will be uncollectible. Total budgeted selling and administrative expenses (excluding bad debts) for the fiscal year are estimated at $174,000 , of which one-half is fixed expense (inclusive of a $20,000 annual depreciation charge). Fixed expenses are incurred evenly during the year. The other selling and administrative expenses vary with sales. Expenses are paid during the month incurred. (Round your answers to the nearest whole number.) (a) Prepare a schedule of estimated cash collections for July. Peoria Supply Company Schedule of Cash Collections For the Month of July Current month's sales $Answer 0 Previous month's sales $Answer 0 Two months' prior sales $Answer 0 Total cash collections $Answer 0 (b) Prepare a schedule of estimated July cash payments for purchases. Peoria Supply Company Schedule of Cash Payments for Purchases For the Month of July Current month's purchases $Answer 0 Beginning accounts payable Answer 0 Total cash payments $Answer 0 (c) Prepare schedules of July selling and administrative expenses, separately identifying those requiring cash disbursements. Peoria Supply Company Schedule of Selling and Administrative Expenses and Cash Disbursements For the Month of July Total Cash Selling and administrative expenses: Fixed $Answer 0 Cash payment $Answer 0 Variable Answer 0 Answer 0 Total expenses and cash disbursements $Answer 0 $Answer 0 (d) Prepare a cash budget in summary form for July. Peoria Supply Company Cash Budget For the Month of July Cash receipts $Answer 0 Cash disbursements: Merchandise $Answer 0 Selling and administrative Answer 0 Answer 0 Excess receipts (disbursements) $Answer 0