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: $71,000. b. Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), $1,790,000; June (actual), $1,470,000; and July (budgeted), $1,540,000. c. Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual), $520,000; and July (budgeted), $500,000. d. Budgeted cash payments for salaries in July: $110,000. e. Budgeted cash payments for sales commissions for July: $140,000. f. Budgeted cash payment for income taxes in July: $70,000. g. Budgeted cash payment for loan interest in July: $7,500. 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 $ 1,790,000 June 1,470,000 July 1,540,000 Totals $ 4,800,000 $ 0 $ 0 $ 0 $ 0 Calculation of Cash Payments for Merchandise Total Purchases June ----Paid in------------- July July 31 Accounts payable Purchases from: June July $ 520,000 500,000 Totals $ 1,020,000 $ 0 $ 0 $ 0 < Calculation Cash Budget >