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: 10% is collected in the month of sale, 50% in the next month, and 40% in the second month after sale. Sales amounts are May (actual), \$1,930,000; June (actual), \$1,300,000; and July (budgeted), \$1,430,000. c. Budgeted cash payments on merchandise purchases: 70% in the month of purchase and 30% in the month following purchase. Purchase amounts are June (actual). \$420,000; and July (budgeted). $450.000. d. Budgeted cash payments for salaries in July: $350,000. e. Budgeted cash payments for sales commissions for July: $250,000. f. Budgeted cash payment for income taxes in July: $60,000. g. Budgeted cash payment for loan interest in July: \$5,500. Complete this question by entering your answers in the tabs below. Calculate the budgeted cash receipts and cash payments