The Storm Meadows Resort is preparing a cash budget for July. Management has collected the following information: The cash balance on June 30 is $215,000. Actual services provided in May and June and projected services for July are: May June July Cash services $96,000 $80,000 $120,000 Credit services 675,000 835,000 752,000 40% of credit services are collected in the month of service and 60% are collected in the following month, During July, $100,000 of cleaning supplies will be purchased.

Accounts payable (the remaining balance owed) on June 30th is $34,000.

Salaries and wages paid in July will be $650,000.

Depreciation on equipment used for the resort for July will be $104,000.

Other cash expenses for July will be $155,000.

The resort must repay a short-term loan during July. The payment is $80,000, including interest.

Prepare a cash budget for July.