Use the following information to prepare the July cash budget for Acco Company. Ignore the Loan activity section of the budget

1. Beginning cash balance on July 1: $69,000.
2. Budgeted cash receipts from sales: 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale. Sales amounts are May (actual), $1,920,000; June (actual), $1,420,000; and July (budgeted), $1,570,000.
3. Budgeted cash payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchase amounts are June (actual), $480,000; and July (budgeted), $470,000.
4. Budgeted cash payments for salaries in July: $110,000.
5. Budgeted cash payments for sales commissions for July: $110,000.
6. Budgeted cash payment for income taxes in July: $100,000.
7. Budgeted cash payment for loan interest in July: $7,000.

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 1,420,000 July 1,570,000 Totals $ 4,910,000 Calculation of Cash Payments for Merchandise --Paid in-------------- Total Purchases July 31 Accounts payable June July Purchases from: June $ 480,000 July 470,000 950,000 Totals $ Calculation Cash Budget > Calculation Cash Budget Prepare the July cash budget for Acco Company. ACCO COMPANY Cash Budget July Total cash available Less: Cash payments for: Total cash payments