Following information relates to Sanchez Co.

a.	Beginning cash balance on July 1: $50,000.
b.	Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June (actual), $1,200,000; and July (budgeted), $1,400,000.
c.	Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $430,000; and July (budgeted), $600,000.
d.	Budgeted cash disbursements for salaries in July: $211,000.
e.	Budgeted depreciation expense for July: $12,000.
f.	Other cash expenses budgeted for July: $150,000.
g.	Accrued income taxes due in July: $80,000 (related to June).
h.	Bank loan interest due in July: $6,600.

Additional Information:
a.	Cost of goods sold is 44% of sales.
b.	Inventory at the end of June is $80,000 and at the end of July is $64,000.
c.	Salaries payable on June 30 are $50,000 and are expected to be $40,000 on July 31.
d.	The equipment account balance is $1,600,000 on July 31. On June 30, the accumulated depreciation on equipment is $280,000.
e.	The $6,600 cash payment of interest represents the 1% monthly expense on a long-term bank loan of $660,000.
f.	Income taxes payable on July 31 are $124,320, and the income tax rate applicable to the company is 30%.
g.	The only other balance sheet accounts are: Common Stock, with a balance of $600,000 on June 30; and Retained Earnings, with a balance of $1,072,000 on June 30.

Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. (Be sure to list the assets and liabilities in order of their liquidity. Input all amounts as positive values. Omit the "$" sign in your response.)

SANCHEZ COMPANY Budgeted Income Statement For The Month Ended July 31
(Click to select)Salaries expenseSalesOther cash expensesCashDepreciation expenseIncome tax expense		$
(Click to select)Salaries expenseOther cash expensesCost of goods soldDepreciation expenseIncome tax expenseCash
(Click to select)Gross lossGross profit
Operating Expenses
(Click to select)Salaries expenseOther cash expensesCost of goods soldDepreciation expenseIncome tax expenseBank loan interest expense	$
(Click to select)Depreciation expenseOther cash expensesSalaries expenseBank loan interest expenseCost of goods soldIncome tax expense
(Click to select)Cost of goods soldBank loan interest expenseOther cash expensesDepreciation expenseIncome tax expenseSalaries expense
(Click to select)Depreciation expenseBank loan interest expenseOther cash expensesIncome tax expenseSalaries expenseCost of goods sold
Total Expenses
(Click to select)Income before taxesCashCost of goods soldOther cash expensesSalaries expenseDepreciation expense
(Click to select)Income tax expenseDepreciation expenseOther cash expensesCost of goods soldCashSalaries expense
(Click to select)Net incomeNet loss		$

SANCHEZ COMPANY Budgeted Balance Sheet As of July 31
Assets
(Click to select)Salaries payableCommon stockCashRetained earningsAccounts payable		$
(Click to select)Accounts receivableIncome taxes payableRetained earningsSalaries payableAccounts payable
(Click to select)Common stockBank loan payableIncome taxes payableInventorySalaries payable
Total Current Assets
(Click to select)Common stockAccounts payableIncome taxes payableSalaries payableEquipment	$
(Click to select)Common stockAdd: Accumulated depreciationIncome taxes payableLess: Accumulated depreciationAccounts payable
Total Assets		$
Liabilities and Equity
Liabilities
(Click to select)EquipmentCashAccounts payableCommon stockAccounts receivable	$
(Click to select)Accounts receivableInventoryCashIncome taxes payableSalaries payable
(Click to select)InventoryIncome taxes payableAccounts receivableCashSalaries payable
Total Current Liabilities
(Click to select)Bank loan payableCommon stockAccounts receivableEquipmentInventory
Stockholders Equity
(Click to select)Common stockInventoryIncome taxes payableAccounts payableCash
(Click to select)Accounts receivableInventoryAccounts payableCashRetained earnings
Total Liabilities and Equity		$