Check my work 1 Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31 10 points Skipped ook a. Beginning cash balance on July 1: $71,000. 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). $2.000,000; June (actual), $1,370,000; and July (budgeted) $1,430,000 C. Payments on merchandise purchases: 85% in the month of purchase and 15% in the month following purchase Purchases amounts are: June (actual), $460,000 and July (budgeted), $420.000 d. Budgeted cash payments for salaries in July $140,000 e. Budgeted depreciation expense for July: $15.000 f. Other cash expenses budgeted for July: $280,000 9. Accrued income taxes due in July $90,000 h. Bank loan interest paid in July: $8,000 Hot Print forces Complete this question by entering your answers in the tabs below. Ialculation can Budget Calculate the budgeted cash receipts and cash payments Calculation of Cash Receipts from tales Collected in July 31 Check my work 1 1 Calculation Cash Budget Calculate the budgeted cash receipts and cash payments 10 points Skoped Calculation of Cash Receipts from Sales Collected in Total Sales May June July 31 Accounts Rec July Credit is from May $ Hire June 2.000.000 1,370,000 1.430,000 4,000,000 $ July Total Reference $ 0 $ os 0 $ 0 Calculation of Cash Payments for Merchandise Paid July 31 Accounts Pay Total Purchases June July Purchases from June $ July Total 400,000 420.000 880 000 $ $ OS 0 S 0 Mc Graw Play 1013 Next Check my w 1 Prepare the July cash budget for Acco Co. 10 points ACCO CO Cash Budget For the Month Ended July 31 Skipped Book Total cash available Cash payments for: Print References Total cash payments 0