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Use the following Information to prepare the July cash budget for Acco Company. Ignore the "Loan activity" section of the budget a. Beginning cash balance on July 1: $66,000. b. Budgeted cash receipts from sales: 20% Is collected in the month of sale. 50% In the next month, and 30% In the second month after sale. Sales amounts are May (actual). $1,960,000: June (actual). $1,280,000; and July (budgeted), $1,440,000. c. Budgeted cash payments on merchandise purchases: 70% In the month of purchase and 30% In the month following purchase. Purchase amounts are June (actual), $470,000; and July (budgeted). $570,000. d. Budgeted cash payments for salaries In July: $210.000. e. Budgeted cash payments for sales commissions for July: $180,000. f. Budgeted cash payment for Income taxes In July: $80,000. g. Budgeted cash payment for loan Interest in July: $5,000. 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----. July 31 Total Sales May June July Accounts Receivable Credit sales from: May 1,280,000 un 1,280,000 July 1,440,000 Totals 1.680,000 3 0 5 0 $ 0 $ Calculation of Cash Payments for Merchandise -Paid in- July 31 Total Purchases June July Accounts payable Purchases from: June S 470,000 July 570,000 Totals .040,000 $ 0 5 $ Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. If necessary, the company borrows to meet this requirement at a cost of 2% Interest per month (pald at the end of each month). Any preliminary cash balance above $30,000 at month-end is used to repay loans. The cash balance on July 1Is $28,000, and the company has no outstanding loans. Budgeted cash receipts and budgeted cash payments (other than for Interest on the loan and loan activity) follow. July August September Cash receipts $ 79, 090 $ 105,809 $ 144,096 Cash payments 197,090 93,900 121,490 Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be Indicated with minus sign. Round your final answers to the nearest whole dollar.) MOTORS CORPORATION Cash Budget July August September Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Total cash payments 0 Preliminary cash balance Additional loan (loan repayment) Ending cash balance 0 Loan activity Loan balance, beginning of Month 5 Additional loan (loan repayment) Loan balance, end of month 5 0| $ SJasper Company has 64% of its sales on credit and 36% for cash. All credit sales are collected In full in the first month following the sale. The company budgets sales of $532,000 for April, $542,000 for May. and $567.000 for June. Total sales for March are $296,100. Prepare a schedule of cash receipts from sales for April, May, and June. JASPER COMPANY Schedule of Cash Receipts from Sales April May June Sales 532,000 542,000 587,000 Cash receipts from: Collections of prior period sales Total cash receipts