Following information relates to Acco Co. a. Beginning cash balance on July 1: $45,000. b. Cash receipts from sales: 21% is collected in the month of sale, 50% in the next month, and 29% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,548,000: June (actual). $1,080,000; and July (budgeted) $1,260,000. c. Payments on merchandise purchases: 42% in the month of purchase and 58% in the month following purchase. Purchases amounts are: June (actual). $387.000; and July (budgeted) $600,000. d. Budgeted cash payments for salaries in July: $189.900. e. Budgeted depreciation expense for July: $10.800. f. Other cash expenses budgeted for July: $135,000. g. Accrued income taxes due in July: $80,000. h. Bank loan interest paid in July: $5,940. Additional Information: Complete this question by entering your answers in the tabs below. Calculation Inc Stmt Bal Sheet Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts From Sales ----Collected in Total Sales May June July 31 Accounts Rec. July Credit sales from May June $ 1,548,000 1,080,000 1,260,000 3,888,000 July Totals $ -Graded HW 0 Saved July 1,260,000 3,888,000 Totals $ Calculation of Cash Payments for Merchandise ----Paid in- July 31 Total Purchases June July Accounts Pay. Purchases from June $ July Totals 387,000 600,000 987,000 Inc Stmt Bal Sheet > ACCO CO. Budgeted Income Statement For Month Ended July 31 Operating expenses Total operating expenses Total operating expenses ACCO CO. Budgeted Balance Sheet As of July 31 Assets ded HW ( Saved ACCO CO. Budgeted Balance Sheet As of July 31 Assets Liabilities and Equity