Help Save & Exit Submit Check my work a. Beginning cash balance on July $62,000. b. Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual. $1710,000; June (actual), 51200,000; and July (budgeted) $1.440,000 c. Payments on merchandise purchases: 55% in the month of purchase and 45% in the month following purchase. Purchases amounts are: June (actual). $420,000, and July (budgeted) $460.000. d. Budgeted cash payments for salaries in July, $380,000 e. Budgeted depreciation expense for July $14,000 t. Other cash expenses budgeted for July $150.000 9. Accrued income taxes due in July $80,000 n. Bank loan interest paid in July $7.000 Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales Collected in Total Sales May July Account Ree Creates from May 5 710.000 1.200,000 1440.000 450.000 JU Tot 5 Calculation of Cash Payments for Merchandise Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales ........ Collected in- July 31 Total Sales May June July Accounts Rec. Credit sales from: May $ June 1.710,000 1,200,000 1.440,000 4,350,000 July Totals $ Calculation of Cash Payments for Merchandise -Paid in July 31 Total Purchases June July Accounts Pay Purchases from June $ 420,000 July 460,000 Totals $ 880,000 Calculation Cash Budget > Calculation Cash Budget Prepare the July cash budget for Acco Co. ACCO CO. Cash Budget For the Month Ended July 31 Total cash available Cash payments for: Total cash payments