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 $1$: $$65,000.$

b$.$ Budgeted cash receipts from sales: $10\%$ is collected in the month of sale, $50\%$ in the next month, and $40\%$ in the second month after sale. Sales amounts are May $($actual$),$ $$1,950,000$; June $($actual$),$ $$1,460,000$; and July $($budgeted$),$ $$1,460,000.$

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$),$ $$520,000$; and July $($budgeted$),$ $$590,000.$

d$.$ Budgeted cash payments for salaries in July: $$310,000.$

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

f$.$ Budgeted cash payment for income taxes in July: $$60,000.$

g$.$ Budgeted cash payment for loan interest in July: $$5,500.$

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

Calculation

Cash Budget

Calculate the budgeted cash receipts and cash payments.

$\backslash$table$[[$Calculation of Cash Receipts from Sales$],[,$Total Sales,,$\backslash$table$[[$July $31],[\backslash$table$[[$Accounts$],[$Receivable$]]]],,],[,$May,July,$],[$Credit sales from:$],[$May$,1,950,000,,,,],[$June$,1,460,000,,,,],[$July$,1,460,000,,,,],[$Totals$,4,870,000,,,,],[$Calculation of Cash Payments for Merchandise$],[,$Total Purchases,,,July $31,],[,$June,July,,$\backslash$table$[[$Accounts$],[$payable$]]],[$Purchases from:$],[$June$,520,000,,,,],[$July$,590,000,,,,],[$Totals$,1,110,000,,,,]]$

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 $1$: $$65,000.$

b$.$ Budgeted cash receipts from sales: $10\%$ is collected in the month of sale, $50\%$ in the next month, and $40\%$ in the second month after sale. Sales amounts are May $($actual$),$ $$1,950,000$; June $($actual$),$ $$1,460,000$; and July $($budgeted$),$ $$1,460,000.$

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$),$ $$520,000$; and July $($budgeted$),$ $$590,000.$

d$.$ Budgeted cash payments for salaries in July: $$310,000.$

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

f$.$ Budgeted cash payment for income taxes in July: $$60,000.$

g$.$ Budgeted cash payment for loan interest in July: $$5,500.$

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

Calculation

Cash Budget

Prepare the July cash budget for Acco Company.

$\backslash$table$[[$ACCO COMPANY,$],[,$Cash Budget$],[,,],[,,],[$Total cash available,,$],[$Less: Cash payments for:,,$],[,,],[,,],[,,],[,,],[,,],[$Total cash payments,,$],[,,]]$