Question 2 (10 marks) Tasman Traders is in the process of preparing a cash budget for July 2020. All sales are on credit. The company collects 60% in the month following the sale and 40% two months following the sale. All purchases of stock are paid for one month after the purchase. Plant and Equipment costing $70 000 is expected to be acquired and paid for in July. The selling and distribution expenses are $38 000 each month. Administrative expenses are $80 000 per month. | Selling & Distribution and Administrative Expenses are paid in the same month they are incurred. The cash balance on 1 July 2020 is $8 000. The following sales and purchases data in 2020 have been compiled for the preparation of the budget: April $ 150 000 400 000 May $ 180 000 430 000 June $ 170 000 420 000 July $ 200 000 440 000 Purchases Sales REQUIRED: Prepare a cash budget for the month of July 2020 using the heading provided