You have been asked to prepare a Cash Budget for Melnick Company for July 2021. Melnick is a MERCHANDISING company. The following information is available: The cash balance on July 1 is $30,000 All sales are on account. Actual sales for May and June and expected sales for July are as follows: Sales on Account May $780,000 June $640,000 July $520,000 Sales are collected as follows: 40% in the month of sale and 60% in the month following sale Purchases of inventory will total $280,000 for July. Thirty percent of a month's inventory purchase are paid during the month of purchase. The remaining seventy percent is paid the following month. June's inventory purchases totaled $360,000 Labour costs during July are estimated to be $118,000 Selling and administration expenses are budgeted at $125,000 for July. Of this amount, $12,000 is for depreciation. New equipment costing $60,000 will be purchased for cash during July. Dividends of $25,000 will be paid during July. The company maintains a minimum cash balance of $20,000 Melnick Company has an open line of credit allowing them to borrow up to $100,000 at any time to meet cash shortages. . Required: Prepare a Cash Budget for July indicating any financing that may be required