Exercise 20-27A (Algo) Merchandlsing: Preparing a cash budget LO P4 Use the following informacion to prepore the July cash budget for Acco Comparry. Ignore the "Laan activity" section of the budget 2. Beginning cash belance on July t$65,000. b. Budgeted cash recelpts from sules: 15% is colbcted in the month of sale, 50% in the next month, and 35% in the second month after sale. Sales amounts are May (actuas, \$1,960,000; June (actual, $1,240,000; and July foudgeted, \$1, 590,000 . c. Budgeted cash poyments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual \$\$40000, abd July (budgetede $520,000. d. Budgeted cash payments for salaries in hily $220000. e. Budgeted cosh poyments for sules commissions for July: $0.000 8. Bubgoted cash payment for income taxes in July, $60,000 9. Budgeted cash poyment for loun interest in Juby $5,000. Cemplete this question by entering your answers in the tabs below. Calculate the budgeted cash recepts and cons payments