Wynn Company has budgeted sales revenues as follows:

July August September

Credit sales $162,000 $174,000 $ 108,000

Cash sales 108,000 306,000 234,000

Total sales $270,000 $480,000 $ 342,000

Budgeted inventory purchases $360,000 $300,000 $126,000

Past experience indicates that 70% of the credit sales will be collected in the month of sale and the remaining 30% will be collected in the following month. Purchases of inventory are all on credit and 40% is paid in the month of purchase and 60% in the month following purchase. Other cash disbursements budgeted: (a) selling and administrative expenses of $87,000 each month. (b) dividends of $20,000 will be paid in the month of August.

The beginning cash balance on August1 was $66,000.

Requirements: Prepare a cash budget for the month of August. Prepare separate schedules for expected collections from customers and expected payments for purchases of inventory. Round to the nearest dollar.