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: $76,000. b. Budgeted cash receipts from sales: 15% is collected in the month of sale, 50% in the next month, and 35% in the second month after sale. Sales amounts are May (actual), $1,840,000; June (actual), $1,450,000; and July (budgeted), $1,520,000. c. Budgeted cash payments on merchandise purchases: 50% in the month of purchase and 50% in the month following purchase. Purchase amounts are June (actual), $590,000; and July (budgeted), $730,000. d. Budgeted cash payments for salaries in July: $350,000. e. Budgeted cash payments for sales commissions for July: $250,000. f. Budgeted cash payment for income taxes in July: $60,000. g. Budgeted cash payment for loan interest in July: $7,000.