Records of Recycling Ltd Contain the Following Data $\quad$ $\quad$ $\text { Opening bank balance } \$ 35,000$

Essay

Records of Recycling Ltd contain the following data:
$\quad$$\quad$$\text { Opening bank balance } \$ 35,000$
$\begin{array}{lll}&\text { Sales } & \text { Purchases } \\\text { May } & \$ 60,000 & \$ 20,000 \\\text { June } & 70,000 & 30,000 \\\text { Iuly } & 80,000 & 25,000\end{array}$ All sales are on credit. Records show that 80% of the customers pay during the month of the sale, 15% pay in the month after the sale, and the remaining 5% pay in the second month after the sale. Purchases are all paid the following month at a 1% discount. Cash disbursements for operating expenses in July were $8 000.
REQUIRED:
Prepare a cash budget for July.
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