Use the following information to prepare the July cash budget for Acco Company. Ignore the Loan activity section of the budget

1. Beginning cash balance on July 1: $50,000.
2. 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), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000.
3. Budgeted cash payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchase amounts are June (actual), $700,000; and July (budgeted), $750,000.
4. Budgeted cash payments for salaries in July: $275,000.
5. Budgeted cash payments for sales commissions for July: $200,000.
6. Budgeted cash payment for income taxes in July: $80,000.
7. Budgeted cash payment for loan interest in July: $6,600

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 July 31 Accounts Receivable May June July Credit sales from: May June $ 1.720,000 $ 516,000 $ 860,000 $ 344,000 $ 0 1,200,000 360000 600,000 240.000 0 420,000 420,000 July Totals 1,400,000 4,320,000 980,000 1,564,000 $ -420,000 -420,000 $ $ 1,296,000 $ 1,880,000 $ Calculation of Cash Payments for Merchandise -Paid in----------- Total Purchases July 31 Accounts payable June July Purchases from: June $ 700,000 $ 420,000 $ 280,000 $ 0 750,000 300,000 0 July Totals 450,000 870,000 $ 1,450,000 $ $ 580,000 $ 0 Calculation Cash Budget > Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the July cash budget for Acco Company ACCO COMPANY Cash Budget $ Beginning cash balance Add: Cash receipts from sales Total cash available July 31 50,000 1,364,000 $ 1,414,000 Less: Cash payments for: Merchandise Income taxes 730,000 275,000 200,000 80,000 Salaries Sales commissions Interest on loan 66,000 Total cash payments Preliminary cash balance 1,351,000 63,000 $