Use the following information to prepare the July cash budget for Acco Company. Ignore the "Loan activity" section of the budget o. Beginning cash balance on July 1: $67,000 b. Budgeted cash receipts from sales 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale. Sales amounts are May (actual), $1.810,000, June (actual), $1,330,000; and July (budgeted). $1,520,000 c. Budgeted cash payments on merchandise purchases: 50% in the month of purchase and 50% in the month following purchase Purchase amounts are June (actual), $500,000, and July (budgeted), $770,000 d. Budgeted cash payments for salaries in July $120,000. e. Budgeted cash payments for sales commissions for July $230,000, f. Budgeted cash payment for income taxes in July $80,000 g. Budgeted cash payment for loan interest in July: $7,500 Calculation of Cash Receipts from Sales Collected in Total Sales June July 31 May July Accounts Receivable Credit sales from May June $ 0:39 1,810,000 1,330,000 1,520,000 4,660,000 $ July Totals $ 0 0 $ 0 $ 0 $ Calculation of Cash Payments for Merchandise Paid in Total Purchases June July July 31 Accounts payable Purchases from June $ July 500,000 770,000 1.270,000 $ 0 $ 0 Totals Calculation Cash Budget Prepare the July cash budget for Acco Company ACCO COMPANY Cash Budget July Total cash available Less: Cash payments for Total cash payments