Help Save & Ext Check my work 6 Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. 2 points Skipped eBook a. Beginning cash balance on July 1: $68,000 b. Cash receipts from sales: 15% is collected in the month of sale, 50% in the next month, and 35% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1760,000; June (actual). $1.230.000; and July (budgeted) $1,360,000. c. Payments on merchandise purchases: 85% in the month of purchase and 15% in the month following purchase. Purchases amounts are: June (actual), $500,000; and July (budgeted) $540,000. d. Budgeted cash payments for salaries in July: $190,000 e. Budgeted depreciation expense for July: $12,000. f. Other cash expenses budgeted for July: $260,000. 9. Accrued income taxes due in July: $80,000. h. Bank loan interest paid in July: $6,000. Hint Print References 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 Accounts Rec. July June Total Sales May Credit sales from: RB A 14 6 Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. ints Skipped Calculation of Cash Receipts from Sales Collected in- Total Sales May June July 31 Accounts Rec. July eBook Credit sales from: May Hint $ 264,000 $ 880,000 $ 616,000 $ 0 June 1,760,000 $ 1,230,000 1,360,000 Print July ferences Totals $ 4,350,000 $ 264,000 $ 880,000 $ 616,000 $ 0 Calculation of Cash Payments for Merchandise --Paid in July 31 Total Purchases + June July Accounts Pay. Purchases from: June $ 500,000 July Totals 540,000 1,040,000 $ $ 0 $ 0 $ 0 Calculation Cash Budget > Saved 6 Calculation Cash Budget Prepare the July cash budget for Acco Co. 2 points Skipped ACCO CO. Cash Budget For the Month Ended July 31 eBook Hint Print Total cash available Cash payments for References Total cash payments $ 0 Calculation Cash Budget Next Mc 6 of 10