Loyd Company pays for 20% of its inventory purchases in the month of the purchase and the remainder in the following month. The company's inventory purchases are as follows:
June...............................................................$120,000
July................................................................ $140,000
August...........................................................$160,000
The company also paid for capital expenditures costing $160,000in July that were acquired in May. Income taxes paid in July totaled$18,000. Salaries paid during June, July,and August, respectively totaled $36,000, $30,000, and $27,000. Prepare a cash disbursements budget for July and August.