5 1666 DO a. Beginning cash balance on July $40.000 b. Cash receipts from sales 27% is collected in the month of sale. 50% in the next month and 23% in the second month after sale Juncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual. 51375.000, June (actuall $960.000, and July (budgeted) $1120,000 c. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase Purchases amounts are: June factual). $344,000, and July (budgeted) $600,000 d. Budgeted cash payments for salaries in July $168.800 e. Budgeted depreciation expense for July 59600 1. Other cash expenses budgeted for July $120,000 9. Accrued income taxes due in July 580,000 h. Bank loan interest paid in July 55.280. Additional Information: a. Cost of goods sold is 40% of sales b. Inventory at the end of June is $64,000 and at the end of July is $216.000 c. Salaries payable on June 30 are $40,000 and are expected to be $32,000 on July 31 d. The equipment account balance is $1.280.000 on July 31 On June 30 the accumulated depreciation on equipment is $224.000 e. The $5,280 cash payment of interest represents the monthly expense on a bank loan of $528.000 t Income taxes payable on July 31 are $112.896, and the income tax rate is 30% 9. The only other balance sheet accounts are common Stock with a balance of SS13,440 on June 30; and Retained Earnings, with a balance of 5857600 on June 30 Print References Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31 Complete this question by entering your answers in the tabs below. Calculation Inc Stunt Bal Sheet Calculate the budgeted cash receipts and cash payments. Calculation of Cash Recept From Sales Collected in Total Sales June 5 Credit sestrom May June July Totals 5375.000 960 000 1120 000 3,456 000 $ $ OS Get of Cat for me Total Purchases Prasero June 5 34000 600 5408 5 5 Being cash bence on Myt 540,000 Cash recente colected in the more of a sosit morm dhe second more uncollectible accounts we neige and can be more Sesaments are Mayat 75,000 $90,000 and ymhurie, 20.000 Payments on merchandise purchases 54 in the month of purchase and the month following purchase Purchases amourts are unes 344000 and budgeted 5600,000 Bed cash paymes for salaries in July 100 Borted depreciation expense for July $9.500 tomer cah expenses budgeted for suy 120.000 Accrued income taxes due 580.000 nakonnterest paid in July 15,280 Add information Cout of goods sold is 40 of sales Inventory at the end of unel 564000 and at the end of July is $25.000 Sales payable on June 20 are $40.000 and are spected to be $32.000 on My The guiment account balance is $1.200.000 only on June 30. the accumulated depreciation on equiometis 224.000 ..The 55200 cash payment of merest representem expense on a bank loan of 5528.000 Income the past on July 31 are $12.896, and the income taxe The only one balance sheet accounts are common rock with a balance of $513.440 on June 30 and Retained Brings with balance of $267.600 on June 30 Prepare a budgeted income statement for the month of July and a budgeted bence wheet for 3 Complete this restion by entering your wars in the the below. Serta Proared income and for the month of and a balance sheet for at ASGOOD 9 5 Cost of goods sold 405 osales try the end of is 564000 and at the end of July $216.000 Saleres payable on June 30 are $40.000 and are expected to be $32.000 onwy a. The equipment account balance is $200.000 on July On June 30, the accurated depreciation on uiment is $234.000 The 55.200 cash payment of interest represents the more bene on a bank loan of $520,000 incomes wyable on July 31 are $112.896, and the income tax rate ON The only one balance sheet accounts are common Stock with a balance of $513.440 on June 30, and Retained in a bance of $857600 on June 30 Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July Complete this question by entering your answers in the tabs below. Ine Sint Prepare budgeted income statement for the month of July and about blance that for by ACCOCO Ende Opening Tags ACCOCO As of Ats LE