Check my work 5 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 a. Beginning cash balance on July 1 $63.000 b. Cash receipts from sales: 15% is collected in the month of sale, 50% in the next month, and 35% in the second month after sale funcollectible accounts are negligible and can be ignored). Sales amounts we May actual. 51770,000, June (actual, 51,490,000; and July (budgeted) $1,500,000 c. Payments on merchandise purchases 88% in the month of purchase and 48% in the month following purchase. Purchases amounts are June (actual). $480,000; and July (budgeted) $660,000 d. Budgeted cash payments for salaries in July $170,000 e. Budgeted depreciation expense for July: $14.000 Other cash expenses budgeted for July $260.000. 9. Accrued Income taxes due in July 580,000 h. Bank loan interest paid in July: $7,000 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 Ree Checy 6 Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. 20 palms Calculation of Cash Receipts from Sales Collected in Total Sales May June po July 31 Accounts Rec. July Credit sales from May June $ in 1,770,000 1.490.000 1.500.000 4,760,000 $ July Heerences Totals $ os ols $ O Calculation of Cash Payments for Merchandise Paid in July 31 Total Purchases June July Accounts Pay Purchase from June $ July Total 480.000 660,000 1,140,000 $ 5 05 0 $ 0 6 Calculation Cash Budget Prepare the July cash budget for Acco Co. 20 points ACCO CO Cash Budget For the Month Ended July 31 Sipod Total cash available Cash payments for Retences Total cash payments $ 0 Calculation