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: 10% is collected in the month of sale, 50% in the next month, and 40% in the second month after sale. Sales amounts are May (actual), $1,730,000; June (actual), $1,280,000; and July (budgeted), $1,520,000. c. Budgeted cash payments on merchandise purchases: 50% in the month of purchase and 50% in the month following purchase. Purchase amounts are June (actual), $490,000; and July (budgeted), $540,000. d. Budgeted cash payments for salaries in July: $190,000. e. Budgeted cash payments for sales commissions for July: $250,000. f. Budgeted cash payment for income taxes in July: $70,000. 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 June July Accounts Receivable Total Sales May Credit sales from: May $ 1,730,000 June 1,280,000 July 1,520,000 Totals $ 4,530,000 Calculation of Cash Payments for Merchandise