Built$-$Tight is preparing its master budget. Budgeted sales and cash payments follow:

July August September

Budgeted sales $ $63,500$ $ $79,500$ $ $48,500$

Budgeted cash payments for

Direct materials $16,26013,54013,860$

Direct labor $4,1403,4603,540$

Overhead $20,30016,90017,300$

Sales to customers are $25\%$ cash and $75\%$ on credit. Sales in June were $$57,000.$ All credit sales are collected in the month following the sale. The June $30$ balance sheet includes balances of $$17,000$ in cash and $$5,100$ in loans payable. A minimum cash balance of $$17,000$ is required. Loans are obtained at the end of any month when the preliminary cash balance is below $$17,000.$ Interest is $1\%$ per month based on the beginning$-$of$-$the$-$month loan balance and is paid at each month$-$end. Any preliminary cash balance above $$17,000$ is used to repay loans at month$-$end. Expenses are paid in the month incurred and consist of sales commissions $(10\%$ of sales$),$ office salaries $($$$4,100$ per month$),$ and rent $($$$6,600$ per month$).$

Problem $20-2$A $($Algo$)$ Part $1$

$1.$ Prepare a schedule of cash receipts for the months of July, August, and September.