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 a. Beginning cash balance on July 1: $62,000. b. 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 (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual). $1740,000, June (actual). $1.240,000, and July (oudgeted). $1.440,000. c. Payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchases amounts are: June (actual). $450.000, and July (budgeted). $440,000. d. Budgeted cash payments for salaries in July $360,000. e. Budgeted depreciation expense for July: $14.000 1. Other cash expenses budgeted for July $280,000. Q. Accrued income taxes due in July: $90,000 h. Bank loan interest paid in July: $7.500. TTTTTTTTTTTTT Complete this question by entering your answers the tabs below. 89 3 1 III Calculation Cash Budget 3 3 budgeted cash recipes Giculation of Cash Receipts from Sales Collected in June Tot July 31 Accounts Rec July IS Credt sales from May June July Totals 1.240.000 1.440,000 4 ,420.000 S Calculation of Cash Payments for Merchandise July 31 Total Purchases June July Accounts Pay Purchases from June July Tota's S 450,000 440.000 800,000 Cash Budget >