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: $65,000.

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), $1,910,000; June (actual), $1,450,000; and July (budgeted), $1,590,000.

Budgeted cash payments on merchandise purchases: 80% in the month of purchase and 20% in the month following purchase. Purchase amounts are June (actual), $500,000; and July (budgeted), $790,000.

Budgeted cash payments for salaries in July: $230,000.

Budgeted cash payments for sales commissions for July: $190,000.

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

Budgeted cash payment for loan interest in July: $5,500.