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Use the following information to prepare the July cash budget for Acco Company. Ignore the...

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Accounting

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: $66,000.
b. Budgeted cash receipts from sales: 40% is collected in the month of sale, 50% in the next month, and 10% in the
second month after sale. Sales amounts are May (actual), $1,780,000; June (actual), $1,280,000; and July (budgeted),
$1,560,000.
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), $450,000; and July (budgeted), $530,000.
d. Budgeted cash payments for salaries in July: $290,000.
e. Budgeted cash payments for sales commissions for July: $170,000.
f. Budgeted cash payment for income taxes in July: $70,000.
g. Budgeted cash payment for loan interest in July: $8,500.
Complete this question by entering your answers in the tabs below.
Calculate the budgeted cash receipts and cash payments.
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