Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July August September Budgeted sales $ 62,000 $ 78,000 $ 50,000 Budgeted cash payments for Direct materials 16,560 13,840 14,160 Direct labor 4,440 3,760 3,840 Overhead 20,600 17,200 17,600 Sales to customers are 25% cash and 75% on credit. Sales in June were $58,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $23,000 in cash and $5,400 in loans payable. A minimum cash balance of $23,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $23,000. 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 $23,000 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 ($4,400 per month), and rent ($6,900 per month).

2. Prepare a cash budget for the months of July, August, and September and a Loan Balance (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.)

I sent a picture to Chegg also.

I also took and sent a picture of the cash receipts to Chegg on my phone.