Please show work and explain.

6a Calculate estimated Accounts receivable turnover for July (round to 3 decimal places) 6b Calculate estimated inventory turnover for July (round to 3 decimal places) 7 Calculate estimated Operating Cycle for July- use 30 days in numerator to calculate the average collection period and average sales period (round to 3 decimal places) 8 Net cash provided by operating activities for July (indirect method) Net income Adjustments to cconvert net income to a cash basis: Depreciation Accounts receivabie Inventory Accounts payable Sub total of adjustments Net cash provided by operating activities \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & $ \\ \hline & $ \\ \hline \end{tabular} Balance Sheet 30-Jun-19 Assets Cash Accounts Receivable Inventory \begin{tabular}{|lr|} \hline Plant and equipment, net depreciation & $554,800.00 \\ \hline Total Assets & $915,000.00 \\ \hline & \\ \hline \end{tabular} Liabilities and stockholders equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Stockholders Equity $915,000.00 1 Estimated sales for July and August are $345,000 and $315,000 respectively 2 Each month's sales are 20% cash sales and 80% credit sales. Each month's credit sales are collected 30% in the month of the sale and 70% in the month following the sale. All of the accounts receivable at fune 30 will be collected in July 3 Each momth's ending inventory must equal 20% of the cost of the next month's sales. The Cost of Goods Sold is 60% of sales. The. company pays for 40 sh of its merchandise purchases in the month of the purchase and the remaining 60 ss in the month following the purchase. All of the accounts payable at June 30 will be paid in July 4. Monthly seiline and administrative expenses are alwoys $75,000. Fach month $10,000 of this total amount is depreciation expense and the remainine 565,000 relates to expenses that are paid in the month they are incurred 5 The company does not plan to buy or sell any plant and equipment during July. It will not borrow any money, pay any dividends, issue any common stock or repurchase any of its own common stock during July