Use the following Information to prepare the July cash budget for Acco Co. It should show expected cash recelpts and cash payments for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $71,000. . b. Cash receipts from sales: 40% is collected in the month of sale, 50% in the next month, and 10% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1,960,000; June (actual), $1,240,000; and July (budgeted). $1,390,000. c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $500,000; and July (budgeted), $500,000 d. Budgeted cash payments for salarles In July: $260,000. e. Budgeted depreclation expense for July: $13,000 f. Other cash expenses budgeted for July: $150,000. g. Accrued Income taxes due In July: $70,000. h. Bank loan Interest pald in July $8,000. Calculate the budgeted cash receipts and cash payments Calculation of Cash Receipts from Sales July 31 ..Collected in July Total Sales May June Accounts Rec Credit sales from 5 1,960,000 1.240,000 1,390,000 s 4,590,000 S May June July Totals 5 4,590,000S 0 5 0 5 Calculation of Cash Payments for Merchandise Paid in July 31 July Total Purchases June Accounts Pay Purchases from: 500,000 500,000 1,000,000 June July Totals repare the July cash budget for Acco Co ACCO CO Cash Budget For the Month Ended July 31 tal cash available ash payments for: tal cash payments