"Loan activity" section of the budget

a$.$ Beginning cash balance on July $1$: $$73,000.$

b$.$ Budgeted cash receipts from sales: $25\%$ is collected in the month of sale, $50\%$ in the next month, and $25\%$ in the second month after sale. Sales amounts are May $($actual$),$ $$1,720,000$; June $($actual$),$ $$1,310,000$; and July $($budgeted$),$ $$1,440,000.$

c$.$ Budgeted cash payments on merchandise purchases: $60\%$ in the month of purchase and $40\%$ in the month following purchase. Purchase amounts are June $($actual$),$ $$490,000$; and July $($budgeted$),$ $$680,000.$

d$.$ Budgeted cash payments for salaries in July: $$360,000.$

e$.$ Budgeted cash payments for sales commissions for July: $$150,000.$

f$.$ Budgeted cash payment for income taxes in July: $$70,000.$

g$.$ Budgeted cash payment for loan interest in July: $$9,500.$

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Calculation

Cash Budget

Calculate the budgeted cash receipts and cash payments.

Calculation of Cash Payments for Merchandise