a. Beginning cash balance on July 1: $66,000. b. Budgeted 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. Sales amounts are May (actual), $1,810,000; June (actual), $1,240,000; and July (budgeted), $1,470,000. c. Budgeted cash payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchase amounts are June (actual), $600,000; and July (budgeted), $640,000. d. Budgeted cash payments for salaries in July: $210,000. e. Budgeted cash payments for sales commissions for July: $200,000. f. Budgeted cash payment for income taxes in July: $70,000. g. Budgeted cash payment for loan interest in July: $6,000. 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. Credit sales from May $ 1,810,000 June 1,240,000 July 1,470,000 Totals $ 4,520,000 $ 0 $ 0 $ 0 $ 0 Calculation of Cash Payments for Merchandise -Paid in- Total Purchases June July Purchases from: July 31 Accounts Pay < Prev 9 of 10 Next > a. Beginning cash balance on July 1: $66,000. b. Budgeted 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. Sales amounts are May (actual), $1,810,000; June (actual), $1,240,000; and July (budgeted), $1,470,000. c. Budgeted cash payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchase amounts are June (actual), $600,000; and July (budgeted), $640,000. d. Budgeted cash payments for salaries in July: $210,000. e. Budgeted cash payments for sales commissions for July: $200,000. f. Budgeted cash payment for income taxes in July: $70,000. g. Budgeted cash payment for loan interest in July: $6,000. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the July cash budget for Acco Co. ACCO CO. Total cash available Less: Cash payments for Cash Budget July