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; 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). $1720,000 : June (actual). $1,320,000 : and July (budgeted), $1,480,000 c. Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase Purchase amounts are June (actual), $400,000 : and July (budgeted), $530,000 d. Sudgeted cash payments for salaries in July: $300,000 c. Budgeted cash payments for sales commissions for July: $280,000 1. Budgeted cash payment for income taxes in July: $50,000. Q. Budgeted cash payment for loan interest in July: $7,000. Complete this question by entering your answers in the tabs below. Calculate the budgeted cash receipts and cash payments. Prepare the July cash budget for Acco Company