Use the following information to prepare the July cash budget for Acco Company. Ignore the "Loan activity" section of the budget

a$.$ Beginning cash balance on July $1$:$$67,000.$

b$.$ Budgeted cash receipts from sales: $20\%$ is collected in the month of sale, $50\%$ in the next month, and $30\%$ in the second month after sale. Sales amounts are May $($actual$),$ $$1,900,000$; June $($actual$),$ $$1,430,000$; and July $($budgeted$),$ $$1,550,000.$

c$.$ Budgeted cash payments on merchandise purchases: $85\%$ in the month of purchase and $15\%$ in the month following purchase. Purchase amounts are June $($actual$),$ $$430,000$; and July $($budgeted$),$ $$670,000.$

d$.$ Budgeted cash payments for salaries in July: $$120,000.$

e$.$ Budgeted cash payments for sales commissions for July: $$240,000.$

f$.$ Budgeted cash payment for income taxes in July: $$80,000.$

g$.$ Budgeted cash payment for loan interest in July: $$6,000.$