Save Following information relates to Acco Co. a. Beginning cash balance on July 1: $40,000. 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 sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual). $1,376,000: June (actual). $960,000, and July (budgeted) $1,120,000. c. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase. Purchases amounts are: June (actual). $344,000; and July (budgeted). $600,000. d. Budgeted cash payments for salaries in July: $168,800. e. Budgeted depreciation expense for July: $9,600. f. Other cash expenses budgeted for July: $120,000. g. Accrued income taxes due in July: $80,000. h. Bank loan interest paid in July: $5,280. Additional Information: na are sulle monde a. Cost of goods sold is 40% of sales. b. Inventory at the end of June is $64,000 and at the end of July is $216,000. c. Salaries payable on June 30 are $40,000 and are expected to be $32,000 on July 31. d. The equipment account balance is $1,280,000 on July 31. On June 30, tile accumulated depreciation on equipment is $224.000. e. The $5,280 cash payment of interest represents the 1% monthly expense on a bank loan of $528,000. f. Income taxes payable on July 31 are $150,528, and the income tax rate is 40%. g. The only other balance sheet accounts are common Stock, with a balance of $513.440 on June 30; and Retained Earnings, with a balance of $857,600 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. Calculation Inc Stm Bal Sheet Prepare a budgeted Income statement for the month of July and a budgeted balance sheet for July 31. ACCO CO. Budgeted Income Statement For Month Ended July 31 Operating expenses: Total operating expenses ACCO CO. and Aty X