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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. Credit sales from: May $ 1,940,000 a. Beginning cash balance on July 1: $76,000. June 1,350,000 b. 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 (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,940,000; June (actual), $1,350,000; July 1,480,000 and July (budgeted), $1,480,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase, Purchases amounts Totals S 4,770,000 $ O S O S are: June (actual). $560,000; and July (budgeted). $500,000. d. Budgeted cash payments for salaries in July: $230,000. e. Budgeted depreciation expense for July: $11,000. f. Other cash expenses budgeted for July: $250,000. Calculation of Cash Payments for Merchandise g. Accrued income taxes due in July. $90,000. Paid in- h. Bank loan interest paid in July: $6,000. July 31 Total Purchases June July Accounts Pay. Complete this question by entering your answers in the tabs below. Purchases from: June S 560,000 July 500,000 Calculation Cash Budget Totals $ 1,060,000 O S 0 S 0 Calculate the budgeted cash receipts and cash payments. Calculation Cash Budget > Calculation of Cash Receipts from Sales Calculation Cash Budget -Collected in.. July 31 Prepare the July cash budget for Acco . Co:............................meup Total Sales May June July Accounts Rec. ACCO CO. Credit sales from: Cash Budget May S 1,940,000 For the Month Ended July 31 June 1,350,000 July 1.480,000 Total cash available Totals $ 4,770,000 $ o S OS Cash payments for Calculation of Cash Payments for Merchandise Paid in. July 31 Total Purchases June July Accounts Pay. Purchases from: Total cash payments June 5 560,000 S 0