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. 15,960 13,240 Direct labor 3,160 Overhead 16,600 September $ 54,000 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). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales Cash receipts from: Total cash receipts BUILT-TIGHT Schedule of Cash Receipts from Sales July August September $ 58,000 $ 74,000 $ 54,000