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$),$ $$1,780,000$; June $($actual$),$ $$1,380,000$; and July $($budgeted$),$ $$1,390,000.$

c$.$ Budgeted cash payments on merchandise purchases: $70\%$ in the month of purchase and $30\%$ in the month following purchase.

Purchase amounts are June $($actual$),$ $$470,000$; and July $($budgeted$),$ $$500,000.$

d$.$ Budgeted cash payments for salaries in July: $$210,000.$

e$.$ Budgeted cash payments for sales commissions for July: $$180,000.$

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

g$.$ Budgeted cash payment for loan interest in July: $$8,500.$ Calculation

Cash Budget

Calculate the budgeted cash receipts and cash payments. Calculation

Cash Budget

Prepare the July cash budget for Acco Company.