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a. Beginning cash balance on July 1: 576,000 b. Cash receipts from sales 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual). $1,810,000, June (actuar). $1.420,000 and July (budgeted). 51.580,000 c. Payments on merchandise purchases 75% in the month of purchase and 25% in the month following purchase Purchases amour are June (actual), 5580,000, and July (budgeted) $740,000 d. Budgeted cash payments for salaries in July $290,000 e. Budgeted depreciation expense for July $14,000 t. Other cash expenses budgeted for July $240,000 g. Accrued income taxes due in July $70.000 h. Bank loan interest paid in July $6,500 Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales Collected in Total Sales May June July July 31 Accounts Rec Creat strom May JUBE JU Totus 13.10.000 1420.000 1550 000 410.000 Calculation of Cash Payments for Merchandise Paid Total Purchases Pro July July 31 Accounts Pay 3100 a. Beginning cash balance on July 1 $76,000 b. Cash receipts from sales: 25% is collected in the month of sale, 50% in the next month and 25% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), 51,810,000, June (actual) 51420,000 and July (budgeted). $1580,000 c. Payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase Purchases amounts are June (actual), 5580,000; and July (budgeted) $740,000 d. Budgeted cash payments for salaries in July: $290,000 e. Budgeted depreciation expense for July $14.000 f. Other cash expenses budgeted for July $240.000 9. Accrued income taxes due in July $70.000 h. Bank loan interest paid in July $6,500 Complete this question by entering your answers in the tabs below. Calculator Cash Budget Calculate the budgeted cash receipts and cash payments Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales Collected in Total Sales May June July 31 Accounts Rec. Credit sales from July May S June July 1,810.000 1,420.000 1,580,000 4,810.000 $ Totals S 0 S 0 S 0 $ Calculation of Cash Payments for Merchandise Paid in Total Purchases June Purchases from July 31 July Accounts Pay June S July Totais 580.000 740,000 1.320.000 S $ S 0 S 0 Cash Budget 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 For the Month Ended July 31 Total cash available Cash payments for les Total cash payments $ 0