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: $74,000. b. Budgeted cash receipts from sales: 10% is collected in the month of sale, 50% in the next month, and 40% in the second month afte sale. Sales amounts are May (actual), $1,910,000; June (actual), $1,450,000; and July (budgeted), $1,360,000. c. Budgeted cash payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchase amounts are June (actual), \$420,000; and July (budgeted), \$600,000. d. Budgeted cash payments for salaries in July: $340,000. e. Budgeted cash payments for sales commissions for July: $200,000. f. Budgeted cash payment for income taxes in July: $90,000. g. Budgeted cash payment for loan interest in July: $8,000. Complete this question by entering your answers in the tabs below. Calculate the budgeted cash receipts and cash payments