8 00 s 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: $50,000. b. Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. c. Budgeted cash payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchase amounts are June (actual), $700,000; and July (budgeted), $750,000. d. Budgeted cash payments for salaries in July: $275,000. e. Budgeted cash payments for sales commissions for July: $200,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July: $6,600 - eBook Hint Complete this question by entering your answers in the tabs below. Print Calculation Cash Budget Ferences Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales ---------------Collected in----------------- Total Sales May June July July 31 Accounts Receivable Credit sales from: $ May June 1,720,000 1,200,000 July 1,400,000 Totals $ 4,320,000 Calculation of Cash Payments for Merchandise ------------------Paid in--------------- Total Purchases June July July 31 Accounts payable Purchases from: June $ 700,000 750,000 July Totals $ 1,450,000 Calculation Cash Budget > 3 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: $50,000. b. Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. c. Budgeted cash payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchase amounts are June (actual), $700,000; and July (budgeted), $750,000. d. Budgeted cash payments for salaries in July: $275,000 e. Budgeted cash payments for sales commissions for July: $200,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July: $6,600. ook 3 int Complete this question by entering your answers in the tabs below. Tint Calculation Cash Budget rences Prepare the July cash budget for Acco Company ACCO COMPANY Cash Budget July 31 Total cash available Less: Cash payments for Total cash payments