Use the following information to prepare the July cash budget for Acco Company. Ignore the loan activity" section of the budget a. Beginning cash balance on July 1: $67,000. b. Budgeted cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale. Sales amounts are May (actual). $1,980,000, June (actual). $1,350,000; and July (budgeted) $1,590,000 c. Budgeted cash payments on merchandise purchases: 50% in the month of purchase and 50% in the month following purchase. Purchase amounts are June (actual). $420,000: and July (budgeted) $450,000. d. Budgeted cash payments for salaries in July: $120,000. e. Budgeted cash payments for sales commissions for July: $120,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July $7,000. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales -Collected in- Total Sales May June July 31 Accounts Receivable July Credit sales from torn May Total Sales May June July Accounts Receivable Credit sales from: May $ June 1,980,000 1,350,000 1,590,000 4,920,000 $ July 0 0 0 $ $ 0 $ Totals Calculation of Cash Payments for Merchandise -Paid in Total Purchases June July July 31 Accounts payable Purchases from: 420,000 $ June 0 450,000 870,000 $ $ July Totals 0 0 $ F Cash Budget > Calculation Cash Budget Prepare the July cash budget for Acco Company. ACCO COMPANY Cash Budget July Total cash available Less Cash payments for Total cash payments $ 0