Exercise 20-27A (Algo) Merchandising: Preparing a cash budget LO P4 Use the following information to prepare the July cash budget for Acco Company. lgnore the "Loan activity" section of the budget a. Beginning cash balance on July 1:568,000 b. Budgeted 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 Sales amounts are May (actua), \$1,930,000, June (actuali), 51,280,000; and July (budgeted), $1,550,000. c. Budgeted cash payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchase amounts are June (actual, $520,000; and July (budgeted), $500,000. d. Budgeted cash poyments for solaries in July $290,000. e. Budgeted cash payments for sales commissions for July: $120,000 t. Budgeted cask payment for income taxes in July $70,000 9. Budgeted cash payment for loan interest in July $6,000 Complete this question by entering your answers in the tabs below. Calculate the budgeted cash recelpts and cash payments Prepare the July cash budget for Acco Company