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 $940,000: 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: $147,700 e. Budgeted depreciation expense for July: $8.400. 1. Other cash expenses budgeted for July: $105,000. g. Accrued income taxes duo in July: $60,000. h. Bank loan interest paid in July 54.620. Additional Information: a. Cost of goods sold is 40% of sales. b. Inventory at the end of June is $58,000 and at the end of July is $284,000 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 $1,120,000 on July 31. On June 30, the accumulated depreciation on equipment is $196,000. e. The $4,620 cash payment of interest represents the 1% monthly expense on a bank loan of 5462,000. f. Income taxes payable on July 31 are $115,248, and the income tax rate is 35% g. The only other balance sheet accounts are: Common Slock with a balance of 5439,280 on June 30; and Relained 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 Stmt Bal Sheet Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts From Sales --Collected in---- Total Sales May June July 31 Accounts Rec. July Credit sales from: May $ June 1,204,000 840,000 990,000 3,024,000 S July Totals S 0 $ 0 $ 0 $ Calculation of Cash Payments for Merchandise --------Paid in------ July 31 Total Purchases June July Accounts Pay Purchases from: June S S 301.000 July 800,000 Totals S 001,000 $ 0 $ 0 D $ D