"We are preparing our cash budget for the first two months of the next fiscal year. The below is information about our upcoming cash receipts and disbursements. I'd like you to: 1. Prepare schedules for the following, and please show amounts for each of July and August (the first two months of the next fiscal year) a. Budgeted cash collections b. Budgeted cash payments for purchases c. Budgeted cash payments for operating expenses information: - Sales are 70% cash and 30% credit. Credit sales are collected 25% in the month of sale and the remainder in the month after sale. Actual sales in June were $110,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: July: $124,000 August: $136,000 - Actual purchases of direct materials in December were $52,000. Our purchases of direct materials in July and August are budgeted to be $44,000 and $48,000 respectively. All purchases are paid 50% in the month of purchase and 50% the following month. - Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $17,000 in June. Budgeted salaries in July are $18,000, and for August we have budgeted $22,000. Sales commissions each month are 10% of that month's sales. - Rent expense is $8,000 per month - Depreciation is $5,000 per month - Estimated income tax payments are made at the end of July. The estimated tax payment is projected to be $25,000 - The cash balance at the end of the prior year was $42,000