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: 20% Is collected in the month of sale, 50% in the next month, and 30% In the second month after sale. Sales amounts are May (actual), $1,950,000; June (actual), $1,420,000; and July (budgeted), $1,550,000. c. Budgeted cash payments on merchandise purchases: 75% In the month of purchase and 25% In the month following purchase. Purchase amounts are June (actual), $530,000, and July (budgeted), $400,000. d. Budgeted cash payments for salaries in July: $280,000 e. Budgeted cash payments for sales commissions for July: $180,000. f. Budgeted cash payment for Income taxes in July: $70,000. g. Budgeted cash payment for loan Interest in July: $7,500. 13 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 Total Sales May Credit sales from: May S 1,950,000 June 1,420,000 July 1,550,000 Totals S 4,920,000 Collected in- June July 31 July Accounts Receivable Calculation of Cash Payments for Merchandise Paid in- Total Purchases- June July July 31 Accounts payable Purchases from June S 530,000 July 400,000 Totals 930,000