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 $1$: $$69,000.$

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$),$ $$1,820,000$; June $($actual$),$ $$1,190,000$; and July $($budgeted$),$ $$1,460,000.$

c$.$ Budgeted cash payments on merchandise purchases: $65\%$ in the month of purchase and $35\%$ in the month following purchase. Purchase amounts are June $($actual$),$ $$540,000$; and July $($budgeted$),$ $$420,000.$

d$.$ Budgeted cash payments for salaries in July: $$290,000.$

e$.$ Budgeted cash payments for sales commissions for July: $$120,000.$

f$.$ Budgeted cash payment for income taxes in July: $$80,000.$

g$.$ Budgeted cash payment for loan interest in July: $$9,000.$

Complete this question by entering your answers in the tabs below.

Cash Budget

Calculate the budgeted cash receipts and cash payments.

$\backslash$table$[[$Calculation of Cash Receipts from Sales$],[,$Total Sales,,,,$],[,$May,June,July,$],[\backslash$table$[[$Credit sales$],[$from:$]]],[$May$,$$$1,820,000,,,,],[$June$,1,190,000,,,,],[$July$,1,460,000,,,,],[$Totals$,$$$4,470,000,,,,],[$Calculation of Cash Payments for Merchandise$],[,\backslash$table$[[$Total$],[$Purchases$]],$Paid in$-,,\backslash$table$[[$July $31],[\backslash$table$[[$Accounts$],[$payable$]]]]],[,$June,July,$],[\backslash$table$[[$Purchases$],[$from:$]]],[$June$,$$$540,000,,,,],[$July$,420,000,,,,],[$Totals$,$$$960,000,,,,$