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: $67,000. b. Budgeted cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale. Sales amounts are May (actual), $1,920,000; June (actual), $1,300,000; and July (budgeted), $1,570,000. c. Budgeted cash payments on merchandise purchases: 70% in the month of purchase and 30% in the month following purchase. Purchase amounts are June (actual), $420,000; and July (budgeted), $640,000. d. Budgeted cash payments for salaries in July: $180,000. e. Budgeted cash payments for sales commissions for July: $280,000. f. Budgeted cash payment for income taxes in July: $90,000. g. Budgeted cash payment for loan interest in July: $5,500. 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- July 31 Total Sales May June July Accounts Receivable Credit sales from: May $ 1,920,000 June 1,300,000 July 1,570,000 Totals $ 4,790,000 Paid in Total Purchases June Calculation of Cash Payments for Merchandise July 31 Accounts payable July Purchases from: June $ 420,000 July 640,000 Totals $ 1,060,000