CASE 2 (20 points) Here are some important figures from the budget of Wilson Corporation for the third quarter of 2021: July August September Credit sales $1.275.800 $1,483.500 $1.096,300 Credit purchases 765.480 890.160 657,780 Cash disbursements Wages, taxes, and expenses 348,600 395,620 337.150 Interest 29.900 29.900 29.900 Equipment 0 158.900 96.300 Credit sales collections Collected in month of sale 35% Collected month after sale 60% Never collected 5% June credit sales $1.135.020 June credit purchases $ 681,012 Beginning cash balance $ 425.000 All credit purchases are paid in the month after the purchase. Instructions: a) Explain the role of cash budget. (5 points) b) Using the above information, complete the following cash budget. (15 points) Important: Show separately your calculations for cash collections and payments for purchases. July August September Beginning cash balance ? ? ? Cash receipts: Cash collections from credit sales ? ? ? Total cash available ? ? ? Cash disbursements: ? ? ? Payments for purchases Wages, taxes, and expenses Interest ? ? ? ? ? ? Equipment purchases ? ? ? Total cash disbursements ? ? ? Ending cash balance