Use the following information to prepare the July cash budget for Acco Company. Ignore the Loan activity section of the budget

Beginning cash balance on July 1: $66,000. Budgeted cash receipts from sales: 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale. Sales amounts are May (actual), $1,950,000; June (actual), $1,360,000; and July (budgeted), $1,410,000. Budgeted cash payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchase amounts are June (actual), $530,000; and July (budgeted), $410,000. Budgeted cash payments for salaries in July: $320,000. Budgeted cash payments for sales commissions for July: $190,000. Budgeted cash payment for income taxes in July: $60,000. Budgeted cash payment for loan interest in July: $10,000

Calculate the budgeted cash receipts and cash payments. Prepare the July cash budget for Acco Company. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ ACCO COMPANY } \\ \hline & & \\ \hline & & \\ \hline Tosh Budget cash available & & \\ \hline Less: Cash payments for: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total cash payments & & \\ \hline \end{tabular}