following information relates to account co beginning cash balance on July 1

Che Following information relates to Acco Co. a. Beginning cash balance on July 1: $30,000 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) $1,032,000: June (actual). $720,000, and July (budgeted). $840,000. c. Payments on merchandise purchases: 42% in the month of purchase and 58% 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: $7.200 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 31% of sales b. Inventory at the end of June is $48.000 and at the end of July is $387600 c. Salaries payable on June 30 are $30,000 and are expected to be $24,000 on July 31. d. The equipment account balance is 5960 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 monthly expense on a bank loan of $396,000 f. Income taxes payable on July 31 are $125 244 and the income tax rate is 35% 9. The only other balance sheet accounts are: Common Stock with a balance of $439,240 on June 30, and Retained Earnings, with a balance of 5642 200 onune 30 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 $ 1,032,000 720,000 840,000 2,592,000 July Totals $ $ 0 $ Calculation of Cash Payments for Merchandise Paid in July 31 Accounts Pay. Total Purchases June July Purchases from June 258.000 July 600.000