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,$71,000 

b. Budgeted cash receipts from sales: 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale, Sales amounts are May (actual), $1,890,000, June (actual), $1,500,000; and July (budgeted), $1.570,000.

 c. Budgeted cash payments on merchandise purchases: 70% in the month of purchase and 30% in the month following purchase Purchase amounts are June (actual), $520,000; and July (budgeted), $640,000. 

d. Budgeted cash payments for salaries in July: $400.000.

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

f. Budgeted cash payment for income taxes in July: $60,000. 

g. Budgeted cash payment for loan interest in July: $6,500.