Following information relates to Acco Co.

1. Beginning cash balance on July 1: $35,000.
2. Cash receipts from sales: 27% is collected in the month of sale, 50% in the next month, and 23% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,204,000; June (actual), $840,000; and July (budgeted), $980,000.
3. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase. Purchases amounts are: June (actual), $301,000; and July (budgeted), $600,000.
4. Budgeted cash payments for salaries in July: $147,700.
5. Budgeted depreciation expense for July: $8,400.
6. Other cash expenses budgeted for July: $105,000.
7. Accrued income taxes due in July: $80,000.
8. Bank loan interest paid in July: $4,620.

Additional Information:

1. Cost of goods sold is 40% of sales.
2. Inventory at the end of June is $56,000 and at the end of July is $264,000.
3. Salaries payable on June 30 are $35,000 and are expected to be $28,000 on July 31.
4. The equipment account balance is $1,120,000 on July 31. On June 30, the accumulated depreciation on equipment is $196,000.
5. The $4,620 cash payment of interest represents the 1% monthly expense on a bank loan of $462,000.
6. Income taxes payable on July 31 are $98,784, and the income tax rate is 30%.
7. The only other balance sheet accounts are: Common Stock, with a balance of $439,260 on June 30; and Retained Earnings, with a balance of $750,400 on June 30.

Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31.

Complete this question by entering your answers in the ltabs below. CalculationInc Stnt Bal Calculate the budgeted cash receipts and cash payments. of Cash Rece Collected in July 31 Total Sales May Credit sales from May June July Totals $1,204,000 840,000 980,000 $ 3,024.000 Calculation of Cash Payments for Paid in July 31 Total Purchases June July Accounts Pay Purchases from s301,000 800 000 901.000 June Totals Inc Stmt Bal Sheet > Pre magetaujpg here to search t e d. The equipment accournt balance Is $1120000 on July 31 On June 30, the accumulated c e The $4,620 cash payment of Interest represents the 1% monthly expense on a bank loan tincome tax s payable on July 31 are $98784, and the income tax rate is 30%. g. The only other balance sheet accounts are: Common Stock, with a balance of $439,260 balance of $750,400 on June 30. Prepare a budgeted Income statement for the month of July and a budgeted balance sheet f this question by entering your answers in the tabs below. Complete CalculationInc Stmt Bal Sheet Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July ACCO CO Budgeted Income Statement For Month Ended July 31 Operating expenses Total operaing expenses ail mageg Type here to search ulmneuueltion.com/low/connect.html pter 20 (7) Propare a cash budget for each of the months of Juty August, and September. (Negative balances and Loan re of any) should be Indicated with minus sign. Enter your final answers in whole dollars) Cash Budget For uty August and e Seginning cash balance Total cash available Cash payments for Total cash payments Prelmnary cash balance Ending cash balance Loan balance August September Juty Loan balance Beginning of month Laan ba ance-Ed of monch C Prey magePS pe here to search Complete this question by entering your answers in the ltabs below. CalculationInc Stnt Bal Calculate the budgeted cash receipts and cash payments. of Cash Rece Collected in July 31 Total Sales May Credit sales from May June July Totals $1,204,000 840,000 980,000 $ 3,024.000 Calculation of Cash Payments for Paid in July 31 Total Purchases June July Accounts Pay Purchases from s301,000 800 000 901.000 June Totals Inc Stmt Bal Sheet > Pre magetaujpg here to search t e d. The equipment accournt balance Is $1120000 on July 31 On June 30, the accumulated c e The $4,620 cash payment of Interest represents the 1% monthly expense on a bank loan tincome tax s payable on July 31 are $98784, and the income tax rate is 30%. g. The only other balance sheet accounts are: Common Stock, with a balance of $439,260 balance of $750,400 on June 30. Prepare a budgeted Income statement for the month of July and a budgeted balance sheet f this question by entering your answers in the tabs below. Complete CalculationInc Stmt Bal Sheet Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July ACCO CO Budgeted Income Statement For Month Ended July 31 Operating expenses Total operaing expenses ail mageg Type here to search ulmneuueltion.com/low/connect.html pter 20 (7) Propare a cash budget for each of the months of Juty August, and September. (Negative balances and Loan re of any) should be Indicated with minus sign. Enter your final answers in whole dollars) Cash Budget For uty August and e Seginning cash balance Total cash available Cash payments for Total cash payments Prelmnary cash balance Ending cash balance Loan balance August September Juty Loan balance Beginning of month Laan ba ance-Ed of monch C Prey magePS pe here to search