Following information relates to Acco Co. a. Beginning cash balance on July 1: $45,000, b. Cash receipts from sales: 27% is collected in the month of sale, 50% in the next month, and 23% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual). $1.548,000: June (actual). $1,080,000; and July (budgeted) $1,260,000. c. Payments on merchandise purchases: 54% in the month of purchase and 46% in the month following purchase. Purchases amounts are: June (actual). $387,000; and July (budgeted) $600,000. d. Budgeted cash payments for salaries in July: $189.900. e. Budgeted depreciation expense for July: $10,800. f. Other cash expenses budgeted for July: $135,000. g. Accrued income taxes due in July: $80,000. h. Bank loan interest paid in July: $5,940. Additional Information: a. Cost of goods sold is 40% of sales. b. Inventory at the end of June is $72,000 and at the end of July is $168,000. c. Salaries payable on June 30 are $45,000 and are expected to be $36,000 on July 31. d. The equipment account balance is $1,440,000 on July 31. On June 30, the accumulated depreciation on equipment is $252,000. e. The $5,940 cash payment of interest represents the 1% monthly expense on a bank loan of $594,000. f. Income taxes payable on July 31 are $148,176, and the income tax rate is 35%. g. The only other balance sheet accounts are common Stock, with a balance of $587,620 on June 30; and Retained Earnings, with a balance of $964,800 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31 Complete this question by entering your answers in the tabs below. Calculation Inc Stmt Bal Sheet Next > Saved Help Save & EX Calculation Inc Stmt Bal Sheet Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts From Sales -Collected in Total Sales May June July 31 July Accounts Rec. Credit sales from: May $ 1,548,000 June 1,080,000 1,260,000 July Totals $ 3,888,000 $ 0 $ 0 $ 0 $ 0 Calculation of Cash Payments for Merchandise -Paid in July 31 Total Purchases June July Accounts Pay. Purchases from: June $ 387,000 July 600,000 987,000 $ Totals $ 0 $ 0 $ 0 Calculation Inc Stmt Bal Sheet> Calculation Inc Stmt Bal Sheet Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. ACCO CO. Budgeted Income Statement For Month Ended July 31 Operating expenses: Total operating expenses 0 0 $ 0 ACCO CO. Budgeted Balance Sheet As of July 31 Assets Assets 0 Liabilities and Equity Liabilities Stockholders' Equity