mad YouTube Maps h 7 Quiz Saved Help Save & Exit Submit 4 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. ints B2 00:48:19 a. Beginning cash balance on July 1: $72,000. b. Cash receipts from sales: 10% is collected in the month of sale, 50% in the next month, and 40% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual). $1,850,000: June (actual). $1.430,000; and July (budgeted) $1,600,000. c. Payments on merchandise purchases: 55% in the month of purchase and 45% in the month following purchase. Purchases amounts are: June (actual). $530,000 and July (budgeted) $800,000. d. Budgeted cash payments for salaries in July: $190,000. e. Budgeted depreciation expense for July: $15,000. f. Other cash expenses budgeted for July: $290,000. g. Accrued income taxes due in July: $100,000. h. Bank loan interest pald in July: $5,000. eBook Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the July cash budget for Acco Co. ACCO CO. Cash Budget For the Month Ended July 31 Reginning cash balance