8 Following information relates to Acco Co. 10 points a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 24% is collected in the month of sale, 50% in the next month, and 26% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June (actual), $1,200,000; c. Payments on merchandise purchases: 48% in the month of purchase and 52% in the month following purchase. Purchases amounts are: June (actual), $430,000, and July (budgeted) $600,000 d. Budgeted cash payments for salaries in July: $211,000 e. Budgeted depreciation expense for July: $12,000. f. Other cash expenses budgeted for July: $150,000. g. Accrued income taxes due in July: $80,000 h. Bank loan interest paid in July: $6,600. eBook Hint Print References Additional Information: a. Cost of goods sold is 35% of sales. b. Inventory at the end of June is $80,000 and at the end of July is $190,000 c. Salaries payable on June 30 are $50,000 and are expected to be $40,000 on July 31. d. The equipment account balance is $1600,000 on July 31. On June 30, the accumulated depreciation on equipment is $280,000. e. The $6,600 cash payment of interest represents the 1% monthly expense on a bank loan of $660,000. f. Income taxes payable on July 31 are $189,140, and the income tax rate is 35% 9. The only other balance sheet accounts are common Stock, with a balance of $723,600 on June 30; and Retained Earnings, with a balance of $1,072,000 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31 8 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. 10 points Calculation Inc Stmt Bal Sheet July 31 Accounts Rec. Hint July Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts From Sales Collected in Total Sales May June Credit sales from: May $ 1.720,000 June 1,200,000 July 1,400,000 Totals $ 4,320,000 Print References Calculation of Cash Payments for Merchandise Paid in July 31 Total Purchases June July Accounts Pay. Purchases from June $ 430,000 July Totals 600,000 1,030,000 $ Inc Stmt Bal Sheet 8 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. Ints Inc Stilt Bal Calculation Sheet Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. eBook ACCO CO. Budgeted Income Statement For Month Ended July 31 Hint Print Operating expenses: References Total operating expenses ACCO CO. Budgeted Balance Sheet As of July 31