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: $75,000. b. Budgeted cash receipts from sales: 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale. Sales amounts are May (actual), $1,990,000; June (actual), $1,380,000; and July (budgeted), $1,500,000. 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), $550,000; and July (budgeted), $550,000. d. Budgeted cash payments for salaries in July: $200,000. e. Budgeted cash payments for sales commissions for July: $160,000. f. Budgeted cash payment for income taxes in July: $80,000. g. Budgeted cash payment for loan interest in July: $5,000. 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----------- July 31 Total Sales May June July Accounts Receivable Credit sales from: May $ 1,990,000 June 1,380,000 July 1,500,000 Totals $ 4,870,000 Calculation of Cash Payments for Merchandise Total Purchases June Purchases from: June $ 550,000 July 550,000 Totals $ 1,100,000 --Paid in---------- July Prepare the July cash budget for Acco Company. ACCO COMPANY Total cash available Less: Cash payments for: Total cash payments Cash Budget July July 31 Accounts payable