Following information relates to Acco Co o. Beginning cash balance on July 1 $30,000 b. Cash receipts from soles 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Soles amounts are: May (actual), $1032,000, June (actual). $720,000 and July (budgeted) $840,000 c. Payments on merchandise purchases 60% in the month of purchase and 40% In the month following purchase Purchases amounts are June (actual). $258,000, and July (budgeted). $600,000 d. Budgeted cash payments for salaries in July $126,600 e. Budgeted depreciation expense for July $7200 f. Other cash expenses budgeted for July $90,000 9. Accrued income taxes due in July $80,000. h. Bank loan interest paid in July $3,960 Additional Information: a. Cost of goods sold is 44% of sales b. Inventory ot the end of June is $18,000 and at the end of July is $278.400 c. Saloties payable on June 30 are $30,000 and are expected to be $24,000 on July 31 d. The equipment account balance is $960,000 on July 31 On June 30, the accumulated depreciation on equipment is $168,000 e. The $3,960 cash payment of interest represents the 1% monthly expense on a bank loan of $396,000 Income taxes payable on July 31 ore 599,456, and the income tax rate is 10% 9. The only other balance sheet accounts are common Stock with a bolonce of $328,000 on June 30, and Retained Earnings, with a balance of $643.200 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 tabs below. Calcon Inc Smt Sheet Calculate the budgeted cash receipts and cash payments 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. Calculation Inc Stmt Bal Sheet Calculate the budgeted cash receipts and cash payments Calculation of Cash Receipts From Sales --Collected in Total Sales May July 31 Accounts Rec. June July Credit sales from May June $ 1,032,000 720,000 840,000 2,592,000 $ July Totals $ 0 $ 0 Calculation of Cash Payments for Merchandise Paid in Total Purchases June July July 31 Accounts Pay Purchases from June 5 July Totals 258,000 000.000 658 000 $ 03 0$ 0 taksi Inc stmt Bal Sheet > 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. Calculation 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 Income Statement For Month Ended July 31 7 Operating expenses Total operating expens 0 $ 0 ACCO CO , Dudgeted Dalance Sheet ACCO CO. Budgeted Balance Sheet As of July 31 Assets Equipment Accumulated depreciation 175,200 175,200 0 Liabilities and Equity Liabilities Stockholders' Equity