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: $73,000. b. Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), \$1,800,000; June (actual), \$1,240,000; and July (budgeted), \$1,550,000. c. Budgeted cash payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchase amounts are June (actual), \$580,000; and July (budgeted), \$680,000. d. Budgeted cash payments for salaries in July: $180,000. e. Budgeted cash payments for sales commissions for July: $290,000. f. Budgeted cash payment for income taxes in July: $70,000. g. Budgeted cash payment for loan interest in July: $5,500. 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: $73,000. b. Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), \$1,800,000; June (actual), \$1,240,000; and July (budgeted), \$1,550,000. c. Budgeted cash payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchase amounts are June (actual), \$580,000; and July (budgeted), \$680,000. d. Budgeted cash payments for salaries in July: $180,000. e. Budgeted cash payments for sales commissions for July: $290,000. f. Budgeted cash payment for income taxes in July: $70,000. g. Budgeted cash payment for loan interest in July: $5,500