Following information relates to Acco Co Beginning cash balance on July 1 $35,000 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), $1,204,000 June (actual), $840,000 and July (budgeted), $980,000 Payments on merchandise purchases 42 in the month of purchase and 58 in the month following purchase Purchases amounts are June (actual), $301,000 and July (budgeted), $600,000 Budgeted cash payments for salaries in July $147,700 Budgeted depreciation expense for July $8,400 Other cash expenses budgeted for July $105,000 Accrued income taxes due in July $80,000 Bank loan interest paid in July $4,620 Additional Information Cost of goods sold is 31 of sales Inventory at the end of June is $56,000 and at the end of July is $352,200 Salaries payable on June 30 are $35,000 and are expected to be $28,000 on July 31 The equipment account balance is $1,120,000 on July 31 On June 30, the accumulated depreciation on equipment is $196,000 The $4,620 cash payment of interest represents the 1 monthly expense on a bank loan of $462,000 Income taxes payable on July 31 are $166,992, and the income tax rate is 40 The only other balance sheet accounts are Common Stock, with a balance of $525,780 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 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 tabs below Inc Stmt Bal Sheet Calculate the budgeted cash receipts and cash payments llected i July 31 Total Sales May July Accounts Credit sales from May June July Totals 5 1,204,000 840,000 980,000 5 3,024,000S 0 5 0 5 0 5 n of Cash Payments for Merchandise July 31 Total Purchases June July Accounts Pay Purchases from June July Totals 301,000 600,000 901,000 5 Inc Stmt Bal Sheet Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31 ACCO CO Budgeted Inoome 8tstement For Month Ended July 31 Oparating axpansas Total oparating expanses ACCO Co Budgeted Balance sheat Of Juh Acseto Lisblities and Equty Stockholders Equity

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Following information relates to Acco Co. Beginning cash balance on July 1: $35,000. Cash receipts from sales: 21% is collected in the month of sale,

Following information relates to Acco Co.

Beginning cash balance on July 1: $35,000.
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), $1,204,000; June (actual), $840,000; and July (budgeted), $980,000.
Payments on merchandise purchases: 42% in the month of purchase and 58% in the month following purchase. Purchases amounts are: June (actual), $301,000; and July (budgeted), $600,000.
Budgeted cash payments for salaries in July: $147,700.
Budgeted depreciation expense for July: $8,400.
Other cash expenses budgeted for July: $105,000.
Accrued income taxes due in July: $80,000.
Bank loan interest paid in July: $4,620.

Additional Information:

Cost of goods sold is 31% of sales.
Inventory at the end of June is $56,000 and at the end of July is $352,200.
Salaries payable on June 30 are $35,000 and are expected to be $28,000 on July 31.
The equipment account balance is $1,120,000 on July 31. On June 30, the accumulated depreciation on equipment is $196,000.
The $4,620 cash payment of interest represents the 1% monthly expense on a bank loan of $462,000.
Income taxes payable on July 31 are $166,992, and the income tax rate is 40%.
The only other balance sheet accounts are: Common Stock, with a balance of $525,780 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.

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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 tabs below. Inc Stmt Bal Sheet Calculate the budgeted cash receipts and cash payments. llected i July 31 Total Sales May July Accounts Credit sales from May June July Totals 5 1,204,000 840,000 980,000 5 3,024,000S 0 5 0 5 0 5 n of Cash Payments for Merchandise July 31 Total Purchases June July Accounts Pay. Purchases from: June July Totals 301,000 600,000 901,000 5 Inc Stmt Bal Sheet> Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31 ACCO CO Budgeted Inoome 8tstement For Month Ended July 31 Oparating axpansas Total oparating expanses ACCO Co. Budgeted Balance sheat Of Juh Acseto Lisblities and Equty Stockholders Equity