Beginning cash balance on July 1: $70,000. b. 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 (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $2,000,000; June (actual), $1,340,000; and July (budgeted), $1,360,000. c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $420,000; and July (budgeted), $500,000. d. Budgeted cash disbursements for salaries in July: $350,000. e. Budgeted depreciation expense for July: $15,000. f. Other cash expenses budgeted for July: $170,000. g. Accrued income taxes due in July: $60,000. h. Bank loan interest paid in July: $9,500.