Budgeted sales Budgeted cash payments for $60,000 $76,800 52,680 Direct materials Direct labor Factory overhead 16,960 14,248 4,840 4,160 21,000 17,600 14,560 4,246 18,000 Sales are 30% cash and 70% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,800 in accounts receivable; $5,300 in accounts payable; and a $5,800 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,800 per month), and rent ($7,300 per month). (1) Prepare a cash receipts budget for July, August, and September BUILT TIGHT Cash Receipts Budget For July, August, and September July August September Less ending accounts receivable Cash receipts from Total cash receipts Prev 6 7 of 7 Next>