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 $73,000. 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), $1,860,000; June (actual, $1,440,000; and July (budgeted), $1,560,000 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). $460,000; and July (budgeted), $500,000, d. Budgeted cash payments for salaries in July: $110,000. e. Budgeted cash payments for sales commissions for July: $230,000. 1. Budgeted cash payment for income taxes in July: $80,000. 9. Budgeted cash payment for loan interest in July: $7.000. Complete this question by entering your answers in the tabs below. Calculation Cash Cash Budget Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales Collected in Total Sales May June July 31 Accounts Receivable July Credit sales from May June $ 1,860,000 1.440.000 1,500,000 4,860,000 $ July Totals 5 0$ $ $ 0 Calculation of Cash Payments for Merchandise Paid in Total Purchases July 31 Accounts payable June July Purchases from June July 5 450.000 500.000 960,000 $ 05 5 0 0 Total 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 $ 0