. Budgeted cash recelpts from sales: 30% Is collected In the month of sale, 50% In the next month, and 20% In the second month after sale. Sales amounts are May (actual), \$1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000 Budgeted cash payments on merchandise purchases: 60% In the month of purchase and 40% In the month following purchase. Purchase amounts are June (actual), $700,000; and July (budgeted), $750,000. . Budgeted cash payments for salarles in July: $275,000. Budgeted cash payments for sales commissions for July: $200,000. . Budgeted cash payment for Income taxes in July: $80,000. . Budgeted cash payment for loan Interest In July. $6,600. Complete this question by entering your answers in the tabs below. Calculate the budgeted cash receipts and cash payments