Following information relates to Acco Co.

a.	Beginning cash balance on July 1: $50,000.
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), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000.
c.	Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $700,000; and July (budgeted), $750,000.
d.	Budgeted cash disbursements for salaries in July: $275,000.
e.	Budgeted depreciation expense for July: $36,000.
f.	Other cash expenses budgeted for July: $200,000.
g.	Accrued income taxes due in July: $80,000.
h.	Bank loan interest paid July 31: $6,600.

Additional Information:
a.	Cost of goods sold is 55% of sales.
b.	Inventory at the end of June is $80,000 and at the end of July is $60,000.
c.	Salaries payable on June 30 are $50,000 and are expected to be $60,000 on July 31.
d.	The equipment account balance is $1,600,000 on July 31. On June 30, the accumulated depreciation on equipment is $280,000.
e.	The $6,600 cash payment of interest represents the 1% monthly expense on a bank loan of $660,000.
f.	Income taxes payable on July 31 are $30,720, and the income tax rate applicable to the company is 30%.
g.	The only other balance sheet accounts are: Common Stock, with a balance of $600,000 on June 30; and Retained Earnings, with a balance of $964,000 on June 30.

Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31.