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: $70,000. 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), $1,960,000; June (actual), $1,470,000; and July (budgeted), $1,460,000. c. Budgeted cash payments on merchandise purchases: 65% In the month of purchase and 35% In the month following purchase. Purchase amounts are June (actual), $460,000; and July (budgeted), $640,000. d. Budgeted cash payments for salaries in July: $280,000. e. Budgeted cash payments for sales commissions for July: $130,000. f. Budgeted cash payment for Income taxes in July: $80,000. g. Budgeted cash payment for loan Interest In July: $9,000. 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- July 31 Total Sales May June July Accounts Receivable Credit sales from: May $ 1,960,000 June 1,470,000 July 1,460,000 Totals $ 4,890,000 $ 0 $ 0 $ 0 $ 0 Calculation of Cash Payments for Merchandise Total Purchases June -Paid in- July Purchases from: June $ 460,000 July Totals $ 640,000 1,100,000 $ 0 $ 0 < Calculation Cash Budget > July 31 Accounts payable $ 0