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.

Beginning cash balance on July 1: $64,000.

Cash receipts from sales: 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,990,000; June (actual), $1,300,000; and July (budgeted), $1,470,000.

Payments on merchandise purchases: 50% in the month of purchase and 50% in the month following purchase. Purchases amounts are: June (actual), $490,000; and July (budgeted), $430,000.

Budgeted cash payments for salaries in July: $190,000.

Budgeted depreciation expense for July: $11,000.

Other cash expenses budgeted for July: $260,000.

Accrued income taxes due in July: $70,000.

Bank loan interest paid in July: $9,000.

calculate the budgeted cash receipts and cash payments. and prepare the July cash budget for Acco Co

C Help Save&Exit Suibm X https/ewco html ct Assignment 6 Use the following information to prepere the July cash budget for Acco Co. h should show expected cash receipts and cash peyme for the month and the cash balance expected on July 31 a. Beginning cash balance on July 1 $64,000 b. Cash receipts from sales. 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual, $1,990,000, June (ectual), $1300,000 and July (budgeted). $1,470,000. c. Payments on merchandise purchases: 50% in the month of purchase and 50% in the month following purchase. Purchases amoun are: June (actua), $490000; and July (budgeted), $430000 d. Budgeted cash payments for saleries in July: $190,000. e. Budgeted depreciation expense for July S11,000 f. Other cash expenses budgeted for July. $260.000. g. Accrued income taxes due in July: $70,000 h. Bank loan interest peid in July $9000. Complete this question by entering your answers in the tabs below. Calculation Cach Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Saies Collected in July 31 Accounts Rec Total Sales July eb and Windows 02 4 5 6 7 8 9