Thomas Ltd. developed the following data for the month of July.

Cash balance, July 1st$1,230,000Cash sales in July6,000,000Credit sales for the month of:May4,000,000June3,000,000July5,000,000Purchases for the month of:June4,500,000July4,000,000Other expenses in July:Salaries3,250,000Utilities330,000Depreciation1,000,000

70% of credit sales are collected in the month of sale, 15% in the following month, and 10% in the second month following the sale.

25% of purchases are paid in the month of purchase and the remaining 75% in the following month.

100% of other expenses are paid in the month recorded.

Required:

Prepare a cash collections and cash payment schedule as well as a cash budget for the month.

Total cash sales and collections on account for the month are $____________.

Total cash available for the month is $_______________.

Payments for purchases during the month are $______________.

Payments for other expenses during the month are $___________ .

The ending cash balance for the month is $__________________.