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:$76,000. b. Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), \$1,980,000; June (actual), \$1,480,000; and July (budgeted), \$1,510,000. 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), \$560,000; and July (budgeted), \$700,000. d. Budgeted cash payments for salaries in July: $370,000. e. Budgeted cash payments for sales commissions for July: $280,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July: $6,000. Prepare the July cash budget for Acco Company. Calculate the budgeted cash receipts and cash payments