a. Beginning cash balance on July 1: $70,000 b. Cash receipts from sales 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual). $1,860,000, June (actua), $1,320,000, and July (budgeted). $1,380,000 C. Payments on merchandise purchases 55% in the month of purchase and 45% in the month following purchase. Purchases amounts are: June (actual), $540,000: and July (budgeted), $630,000 d. Budgeted cash payments for salaries in July: $380,000 e. Budgeted depreciation expense for July $14,000. f. Other cash expenses budgeted for July: $240,000 g. Accrued income taxes due in July: $90,000 h. Bank loan interest paid in July: $8,000 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 July 31 Accounts Rec. Total Sales May June Credit sales from May June July Totals $ 1,860,000 1,320,000 1,380,000 S 4,560,000 Calculation of Cash Payments for Merchandise Paid in July 31 Total Purchases June July Purchases from June July Totals 540,000 630,000 S 1,170,000