Use the following information to prepare the July cash budget for Acco Company. Ignore the "Loan activity\" section ofthe budget a. Beginning cash balance on July 1: $75,000. In. Budgeted cash receipts from sales: 25% is collected in the month of sale. 50% in the next month. and 25% in the second month aer sale. Sales amounts are May {actual}. 51.840000: June {actual}. $1,480,000; and July (budgeted). 951.590.000. c. Budgeted cash payments on merchandise purchases: 85% in the month of purchase and 15% in the month following purchase. Purchase amounts are June (actual). $430,000; and July {budgeted}. $680900. d. Budgeted cash payments for salaries in July: $260. 000. e. Budgeted cash payments for sales commissions forJuly: $120, 000. f. Budgeted cash payment for income taxes in July: $90 000 g. Budgeted cash payment for loan interest in July: $6. 000. Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales -Collected in-- July 31 Total Sales Accounts May June July Receivable Credit sales from: May $ 1,840,000 June 1,480,000 July 1,590,000 Totals $ 4,910,000 $ 0 $ 0 $ 0 $ 0 Calculation of Cash Payments for Merchandise -Paid in---- July 31 Total Purchases Accounts June July payable Purchases from: June $ 430,000 July 680,000 Totals $ 1,110,000 $ 0 $ 0 $ 0 Calculation Cash Budget Prepare the Julyr cash budget for Acne Company. Total cash available Less: Cash payments for: Total cash payments _ ( Calculation