o. Beginning cash balance on July 1: $30,000. b. Cash receipts from sales: 27% is collected in the month of sale, 50% in the next month, and 23% in the second month after s (uncollectible accounts are negligible and can be ignored) Sales amounts are: May (actual). $1,032.000; June (actual). $720 and July (budgeted). $840.000 c. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase, purchases a are: June (actua). $258,000: and July (budgeted). $600.000. d. Budgeted cash payments for salaries in July: $126,600. e. Budgeted depreciation expense for July: $7.200. f. Other cash expenses budgeted for July. $90,000. g. Accrued income taxes due in July: $80,000. h. Bank loan interest paid in July: $3,960. Additilonel Information: Cost of goods sold is 40% of sales. b. Inventory at the end of June is $48,000 and at the end of July is $312.000 c. Salaries payable on June 30 are $30,000 and are expected to be $24.000 on July 31, d. The equipment account balance is $960,000 on July 31. On June 30, the accumulated depreciation on equipment is $168.0 e. The $3.960 cash payment of interest represents the 1% monthly expense on a bank loan of$396,000. f. Income taxes payable on July 31 are $98,784, and the income tax rate is 35%. g. The only other balance sheet accounts are: Common Stock, with a balance of $365.080 on June 30; and Retained Earnings balance of $643,200 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31 Complete this question by entering your answers in the tabs below. Calculation Inc Stmt Ball Sheet Calculate the budgeted cash receipts and cash payments. of Cash Receipts From Sales July 31 Total Sales June July Credit sales from May June July Totals $ 1.032,000 720,000 840,000 $ 2502,000 for Paid in July 31 Total PurchasesJune Purchases from June July Totals 3 258,000 800.000 858,000