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: $62,000. b. Budgeted cash receipts from sales: 40% is collected in the month of sale. 50% in the next month, and 10% in the second month after sale. Sales amounts are May (actual). $1,800,000, June (actual), $1.410,000, and July (budgeted), 51,390,000 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), $460,000; and July (budgeted). $790,000 d. Budgeted cash payments for salaries in July: $260,000, e. Budgeted cash payments for sales commissions for July: $270,000. f. Budgeted cash payment for income taxes in July $50,000. 9. Budgeted cash payment for loan interest in July: $8,500 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-...... Total Sales May July July 31 Accounts Receivable June Credit sales from: $ May June 1,800,000 1,410,000 Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales -Collected in Total Sales May June July 31 Accounts Receivable July Credit sales from: May June $ 1,800,000 1,410,000 1,390,000 4,600,000 July Totals $ Calculation of Cash Payments for Merchandise Paid in Total Purchases June July July 31 Accounts payable Purchases from June $ July 460,000 790,000 1,250,000 Totals $ Calculation Cash Budget >