a. Beginning cash balance on July 1: $35,000 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 (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual. $1,204,000: June (actual). $840,000: and July (budgeted) $980,000 c. Payments on merchandise purchases: 54% In the month of purchase and 46% in the month following purchase. Purchases amounts are: June (actual). $301.000; and July (budgeted) $600,000 d. Budgeted cash payments for salaries in July $147700 e. Budgeted depreciation expense for July: $8,400. f. Other cash expenses budgeted for July: $105,000 9. Accrued income taxes due in July, $80,000 h. Bank loan interest paid in July: $4,620. Additional Information: a. Cost of goods sold is 40% of sales. b. Inventory at the end of June is $56,000 and at the end of July is $264,000 c. Salaries payable on June 30 are $35,000 and are expected to be $28.000 on July 31, d. The equipment account balance is $1120,000 on July 31. On June 30, the accumulated depreciation on equipment is $196,000. e. The $4620 cash payment of interest represents the 1% monthly expense on a bank loan of $462,000. 1. Income taxes payable on July 31 are $98,784, and the income tax rate is 30% 9. The only other balance sheet accounts are common Stock, with a balance of $439,260 on June 30; and Retained Earnings, with a balance of $750,400 on June 30. 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 Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. ACCO CO