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 $1$: $$66,000.$

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$),$ $$1,780,000$; June $($actual$),$ $$1,280,000$; and July $($budgeted$),$

$$1,560,000.$

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$),$ $$450,000$; and July $($budgeted$),$ $$530,000.$

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

e$.$ Budgeted cash payments for sales commissions for July: $$170,000.$

f$.$ Budgeted cash payment for income taxes in July: $$70,000.$

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

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

Calculate the budgeted cash receipts and cash payments.