4 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 a. Beginning cash balance'on July 1: $63,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sae points (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual, $1,970,000; June (actua), $1,450,000; and July (budgeted) $1,530,000. c. Payments on merchandise purchases: 85% in the month of purchase and 15% in the month following purchase. Purchases amounts are: June (actual, $540,000; and July (budgeted), $690,000. d. Budgeted cash payments for salaries in July. $240,000. e. Budgeted depreciation expense for July. $15,000 Referencesf Other cash expenses budgeted for July: $140,000 g. Accrued income taxes due in July: $50,000. h. Bank loan interest paid in July: $7,500 Complete this question by entering your answers in the tabs below Calculation Cash Budget Prepare the July cash budget for Acco Co ACCO Co. Cash Budget Calculation Cash Budget Prepare the July cash budget for Acco Co. ACCO CO Cash Budget For the Month Ended July 31 Book Hint Print ferences Total cash available Cash payments for Total cash payments K Calculation Cash Budgut