Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: September $ 54,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead Problem 22-2A (Algo) Part 2 Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Direct materials Direct labor Interest on loan Sales commissions Rent Overhead Office salaries Total cash payments Preliminary cash balance Sales to customers are 20% cash and 80% on credit. Sales in June were $55,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $41,000 in cash and $4,700 in loans payable. A minimum cash balance of $41,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $41,000. 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 $41,000 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 ($3,700 per month), and rent ($6,200 per month). 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 2. Prepare a cash budget for the months of July, August, and September. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars. BUILT-TIGHT Cash Budget July July $ 57,500 $ 41,000 Loan balance July $ 15,860 3,740 19,900 15,860 3,740 47 5,750 6,200 19,900 3,700 55,197 0 4,700 August $ 73,500 August 13,140 3,060 16,500 August 7,350 6,200 16,500 3,700 33,750 0 13,460 3,140 16,900 September 0 5,450 6,200 16,900 3,700 32,250 September

Built-Tight is preparing its master budget Budgeted sales and cosh psyments follow Sales to customers are 20% cash and 80% on credit. Sales in June were $55.000. All credit sales are collected in the month following the sole. The June 30 balance sheet includes balances of $41,000 in cash and $4700 in loans payable. A minimum cash balance of $41,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $41,000. 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 $41,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10\% of sales), otfice salaries ( $3,700 per month), and rent (\$6,200 per month) Problem 22-2A (Algo) Part 2 2. Prepare a cash budget for the months of July. August, and September Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars