2 Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31 216.05 a. Beginning cash balance on July 1: $67,000. b. Cash receipts from sales: 15% is collected in the month of sale, 50% in the next month, ond 35% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), 51,800,000; June (actual, $1250,000, and July (budgeted) $1,460,000 c. Payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchases amounts are: June (actual). $550,000, and July (budgeted) $710,000. d. Budgeted cash payments for salaries in July $170,000 e. Budgeted depreciation expense for July: $11,000 f. Other cash expenses budgeted for July $120,000 g. Accrued income taxes due in July: $100,000 h. Bank loan interest pold in July: $8,500 Book sont Complete this question by entering your answers in the tabs below. July 31 Calculation Cash Budget Calculate the budgeted cash receipts and cash payments Calculation of Cash Receipts from Sales Collected in Total Bales May June Credit sales from May $ 1.800.000 June 1.250.000 July 1460,000 Total 5 4,510.000 Accounts Rec Calculation of Cash Payment for Merchandise Paid in July 31 Accounts Pay Total Purchase June Purchases from June 550.000 710.000 1.260.000 Totals 5 Cash Budget > 2 Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31 03:14:48 a. Beginning cash balance on July $67000 b. Cash receipts from sales: 15% is collected in the month of sale, 50% in the next month, and 35% in the second month after sale funcollectible accounts are negligible and can be ignored). Sales amounts are May (actual) $1,800,000, June (actual), $1,250,000 and July (budgeted) $1460,000 C. Payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchases amounts are: June (actual) $550,000; and July (budgeted) $710,000 d. Budgeted cash payments for salaries in July $170,000. e. Budgeted depreciation expense for July: $11,000 Other cash expenses budgeted for July: $120,000 9. Accrued income taxes due in July $100,000 h. Bank loan interest paid in July: $8.500. Complete this question by entering your answers in the tabs below. fence Calculation Cash Budget Prepare the July cash budget for Acco Co. Acco co Cash Budget For the Month Ended July 31 Total cash available Cash payments for Totalcat payments Calculation