ADDITONAL $4$ Use the following Information to prepare the July cash budget for Acco Company: Ignore the "Loan activity" section of the budiget

a$.$ Beginning cash balance on July $1$: $$67,000.$

b$.$ Budgeted cash recelpts from soles: $10\%$ is collected in the month of sale. $50\%$ in the next month, and $40\%$ in the second month

after sale. Sales amounts are May $($actuan$),$ $$1,720,000$; June $($actual$),$ $$1,400,000,$ and July $($budgeted$),$ $$1,480,000.$

c$.$ Budgeted cash poyments on merchandise purchases: $85\%$ in the month of purchase and $15\%$ in the month following purchase.

Purchase amounts are June $($actual$),$ $$440,000$; and July $($budgeted$),$ $$610,000.$

a$.$ Budgeted cash poyments for solaries in July. $$170\mathrm{.}000.$

e$.$ Budgeted cash payments for sales commissions for July: $$140,000.$

f$.$ Budgeted cosh payment for income toxes in July: $$60,000.$

g$.$ Budgeted cash payment for loan interest in July: $$6,500.$

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Calculate the budgeted cash receipts and cash payments.

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Cash Budget

Prepare the July cash budget for Acco Company.