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: $75,000. b. Budgeted cash receipts from sales: 15% is collected in the month of sale, 50% in the next month, and 35% in the second month after sale. Sales amounts are May (actual), $1,780,000; June (actual), $1,440,000; and July (budgeted), $1,400,000. 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), $400,000; and July (budgeted), $580,000. d. Budgeted cash payments for salaries in July: $260,000. e. Budgeted cash payments for sales commissions for July: $290,000. f. Budgeted cash payment for income taxes in July: $50,000. g. Budgeted cash payment for loan interest in July: $9,500. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales -Collected in- June July July 31 Accounts Receivable Total Sales May Credit sales from: May $ 1,780,000 June 1,440,000 July 1,400,000 Totals $ 4,620,000 < Prev 6 of 7 Next > Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the July cash budget for Acco Company. ACCO COMPANY Total cash available Less: Cash payments for: Total cash payments Cash Budget July < Calculation Cash Budget > < Prev 6 of 7 Next >