Following information relates to Acco Co. a. Beginning cash balance on July 1: $35,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,204,000; June (actual), $840,000; and July (budgeted), $980,000 c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $301,000; and July (budgeted), $600,000. d. Budgeted cash disbursements for salaries in July: $147,700. e. Budgeted depreciation expense for July: $8,400 f. Other cash expenses budgeted for July: $105,000. g. Accrued income taxes due in July: $80,000. h. Bank loan interest paid July 31: $4,620. Additional Information: a. Cost of goods sold is 44% of sales. b. Inventory at the end of June is $56,000 and at the end of July is $224,800. c. Salaries payable on June 30 are $35,000 and are expected to be $28,000 on July 31. d. The equipment account balance is $1,120,000 on July 31. On June 30, the accumulated depreciation on equipment is $196,000. e. The $4,620 cash payment of interest represents the 1% monthly expense on a bank loan of $462,000. f. Income taxes payable on July 31 are $101,528, and the income tax rate applicable to the company is 35%. g. The only other balance sheet accounts are: Common Stock, with a balance of $396,000 on June 30, and Retained Earnings, with a balance of $750,400 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31