11 7.69 points eBook H Use the following information to prepare the July cash budget for Acco Company. Ignore the "Loan activity" section of the budget a. Beginning cash balance on July 1: $70,000. b. Budgeted cash receipts from sales: 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale. Sales amounts are May (actual), $1,770,000; June (actual), $1,490,000; and July (budgeted). $1,590,000. c. Budgeted cash payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchase amounts are June (actual), $560,000; and July (budgeted), $670,000. d. Budgeted cash payments for salaries in July: $270,000. e. Budgeted cash payments for sales commissions for July: $190,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July: $7,000. Complete this question by entering your answers in the tabs below. Print Calculation Cash Budget References Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales Collected in- July 31 11 Complete this question by entering your answers in the tabs below. 7.69 points Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. eBook Calculation of Cash Receipts from Sales -Collected in--- July 311 Total Sales Hint May June July Accounts Receivable Credit sales from: Print May $ 1,770,000 June 1,490,000 July 1,590,000 References Totals $ 4,850,000 $ $ 0 S 0 $ 0 Calculation of Cash Payments for Merchandise: Total Purchases June Paid in July July 31 Accounts payable Purchases from: June $ 560,000 July 670,000 Totals $ 1,230,000 $ 0 $ $ 0 Calculation Cash Budget > 11 Complete this question by entering your answers in the tabs below.. 7.69 points eBook Hint Calculation Cash Budget Prepare the July cash budget for Acco Company. Print Total cash available Less: Cash payments for: References Total cash payments ACCO COMPANY Cash Budget July $ 0 < Calculation Cash Budget >