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 $1$: $$50,000.$

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$),$ $$1,720,000$; June $($actual$),$ $$1,200,000$; and July $($budgeted$),$ $$1,400,000.$

c$.$ Budgeted cash payments on merchandise purchases: $60\%$ in the month of purchase and $40\%$ in the month following purchase. Purchase amounts are June $($actual$),$ $$700,000$; and July $($budgeted$),$ $$750,000.$

d$.$ Budgeted cash payments for salaries in July: $$275,000.$

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

f$.$ Budgeted cash payment for income taxes in July: $$80,000.$

g$.$ Budgeted cash payment for loan interest in July: $$6,600.$

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Calculation

Cash Budget

Calculate the budgeted cash receipts and cash payments.

$\backslash$table$[[$Calculation of Cash Receipts from Sales$],[,$Total Sales,Collected in$,\backslash$table$[[$July $31],[$Accounts$],[$Receivable$]]],[,$May,,June,July$],[$Credit sales from:$],[$May$,$$$,1,720,000,,,,,],[$June$,,1,200,000,,,,,],[$July$,,1,400,000,,,,,],[$Totals$,$$$,4,320,000,$$$,0,0,$$$,$$