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Part III (11 marks) Sushi House has budgeted sales revenues as follows: June S85,000 14.000 $ 99.000 July 80,000 25.000 105.000 August 72,000 32.000 104.000 Credit sales Cash sales Total sales 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 60% is paid in the month of purchase and 40% in the month following purchase. Budgeted inventory purchases are: June $45,000 July 43,000 August 40,000 Other cash disbursements budgeted: selling and administrative expenses of $14,000 each month, dividends of S30,000 will be paid in July, and purchase of a computer in August for $3,000 cash. The company wishes to maintain a minimum cash balance of $20,000 at the end of each month. The company borrows money from the bank at 9% interest if necessary to maintain the minimum cash balance and must be paid each month whether there is a loan repayment or not. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $25,000. All amounts borrowed during a month are borrowed on the first day. The loan balance as of July 1 is $26,000. Required: Prepare a cash budget for the month of July