Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Budgeted sales July $ 58,000 August $ 74,000 Budgeted cash payments for Direct materials Direct labor Overhead 13,240 3,160 16,600 September $ 54,000 15,960 3,840 20,000 13,560 3,240 17,000 Sales to customers are 25% cash and 75% on credit. Sales in June were $55,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $39,000 in cash and $4,800 in loans payable. A minimum cash balance of $39,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $39,000. 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 $39,000 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 ($3,800 per month), and rent ($6,300 per month). 2. Prepare a cash budget for the months of July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.) Answer is not complete. BUILT-TIGHT Cash Budget July August September Beginning cash balance IS 39,000 $ 39,000 $ 50,500 Add: Cash receipts Total cash available Less: Cash payments for 59,300 x 98,300 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month 0 0 0 Loan balance July August September