Problem confusing: 2) Make the July cash budget for Artisan Co. expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $63,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollected accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,700,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual, $620,000; and July (budgeted), $790,000. d. Budgeted cash disbursements for salaries in July: $220,000. e. Budgeted depreciation expense for July: $11,000. f. Other cash expenses budgeted for July: $230,000. g. Accrued income taxes due in July : $50,000. h. Bank loan interest due in July: $7,000.

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