Exercise 20-27A (Algo) Merchandising: Preparing a cash budget LO PA Use the following information to prepare the July cash budget for Acco-Company, ignore the "Loan activity" section of the budget o. Beginning cash balance on July 1:564,000 b. Budgeted cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after 5ale Sales amounts are May (actual. \$1,730,000, June foctual), \$1,320,000; and July (budgeted), \$1,430,000. c. Budgeted cash payments on merchandise purchases. 75% in the month of purchase and 25% in the month following purchase Purchase amounts are June (actua), $480,000, and July (oudgeted), $580,000. d. Budgeted cash payments for salaries in July: $320,000 e. Budgeted cash payments for sales commissions for July: $110.000 f. Budgeted cash payment for income taxes in July: $90,000 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 receipts and cash payments. 1. Budgeted cash payment for income taxes in July: $90,000. g. 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 receipts and cash payments. f. Buageted cash payment for income taxes in July: $90,000 9. Budgeted cash payment for loan interest in July: $6,000. Complete this question by entering your answers in the tabs below. Prepare the July casinnowgudget Acco Company