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

question 18

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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Definitions:

Viral Replication

The process by which viruses reproduce by infiltrating host cells and using their machinery to create copies of themselves.

Biological Evolution

The process by which living organisms are thought to have developed and diversified from earlier forms during the history of the earth.

Chemical Evolution

Chemical evolution refers to the process by which simple chemical compounds present in the Earth's early environment underwent complex interactions leading to the formation of more complex molecules, including the precursors of life.

Metabolic Pathway

Series of linked reactions, beginning with a particular reactant and terminating with an end product.