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

Beginning cash balance on July 1: $75,000.

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), $1,730,000; June (actual), $1,480,000; and July (budgeted), $1,470,000.

Budgeted cash payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchase amounts are June (actual), $420,000; and July (budgeted), $400,000.

Budgeted cash payments for salaries in July: $380,000.

Budgeted cash payments for sales commissions for July: $250,000.

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

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