Use the following information to prepare the July cash budget for Acco Company. Ignore the "Loan activity" section ofa. Beginning cash balance on July $1$: $$74,000.$b$.$ Budgeted cash receipts from sales: $35\%$ is collected in the month of sale, $50\%$ in the next month, and $15\%$ in the second month after sale. Sales amounts are May $($actual$),$ $$1,840,000$; June $($actual$),$ $$1,440,000$; and July $($budgeted$),$ $$1,410,000.$c$.$ Budgeted cash payments on merchandise purchases: $80\%$ in the month of purchase and $20\%$ in the month following purchase. Purchase amounts are June $($actual$),$ $$460,000$; and July $($budgeted$),$ $$430,000.$d$.$ Budgeted cash payments for salaries in July: $$300,000.$e$.$ Budgeted cash payments for sales commissions for July: $$190,000.$f$.$ Budgeted cash payment for income taxes in July: $$60,000.$g$.$ Budgeted cash payment for loan interest in July: $$7,000.$

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