Quiz Instructions Read the following problem and solve using the step-by-step YouTube video Ex. Then answer the following questions. You do not need to include dollar signs in your answers. 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. Beginning cash balance on July 1: $50,000. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale S' (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000. C Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $700,000; and July (budgeted), $750,000. Budgeted cash payments for salaries in July: $275,000. May June July agust Septer Budgeted depreciation expense for July: $36,000. sales- may $1,720,000 $516,000 $860,000 9044,000 Other cash expenses budgeted for July: $200,000. sales - june $1,200,000 $260,600 $600,000 $240,000 Accrued income taxes due in July: $80,000. sales- july $1,400,000 $420,000 $700,000 Bank loan interest paid in July: $6,600. $1,364,000 Aunct Use the information in Exercise 20-25 and the following additional information to prepare a budgeted income statement total own for the month of July and a budgeted balance sheet as of July 31. total liabi Cost of goods sold is 55% of sales. Inventory at the end of June is $80,000 and at the end of July is $60,000. salaries expense was 285,000. Salaries payable was 50,000 as of June 30th and 60,000 as of July 31 depreciation The equipment account balance is $1,600,000 on July 31. On June 30, the accumulated depreciation on equipment is $280,000. A/D - eqi The $6,600 cash payment of interest represents the 1% monthly expense on a bank loan of $660,000. the income tax rate is 30%. Income taxes payable was 30720. The only other balance sheet accounts are: Common Stock, with a balance of $600,000 on June 30; and Retained Earnings, with a balance of $964,000 on June 30.D Question 1 0 pts What is net income after taxes? D Question 2 0 pts What is the amount of total assets? D Question 3 0 pts What is the amount of retained earnings