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: $69,000.

b. 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), $1,780,000; June (actual), $1,300,000; and July (budgeted), $1,360,000.

c. Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual), $540,000; and July (budgeted), $460,000.

d. Budgeted cash payments for salaries in July: $160,000.

e. Budgeted cash payments for sales commissions for July: $200,000.

f. Budgeted cash payment for income taxes in July: $70,000.

g. Budgeted cash payment for loan interest in July: $7,000.

Calculate the budgeted cash receipts and cash payments. Prepare the July cash budget for Acco Company