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). $1,970,000; June (actual). $1,430,000; and July (budgeted). $1,490,000 c. Budgeted cash payments on merchandise purchases: 85% in the month of purchase and 15% in the month following purchase. Purchase amounts are June (actua). $440,000; and July (budgeted) $630,000. d. Budgeted cash payments for salaries in July: $310,000. e. Budgeted cash payments for sales commissions for July $120,000 1. Budgeted cash payment for income taxes in July: $60,000 9. Budgeted cash payment for loan interest in July: $9,000 Calculation of Cash Receipts from Sales ...........Collected in July 31 Accounts Rec. Total Sales May June July Credit sales from: May $ June 1,970,000 1,430,000 1,490,000 4,890,000 July Totals $ Calculation of Cash Payments for Morchandise -Pald in- July 31 Total Purchases June July Accounts Pay Purchases from: June $ July 440,000 630,000 1,070,000 Totals ACCO CO. Cash Budget July Total cash available Less: Cash payments for: Total cash payments