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

	July	August	September
Budgeted sales	$ 61,500	$ 77,500	$ 50,500
Budgeted cash payments for
Direct materials	16,660	13,940	14,260
Direct labor	4,540	3,860	3,940
Overhead	20,700	17,300	17,700

Sales to customers are 25% cash and 75% on credit. Sales in June were $60,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $25,000 in cash and $5,500 in loans payable. A minimum cash balance of $25,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $25,000. 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 $25,000 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 ($4,500 per month), and rent ($7,000 per month).

Problem 22-2A (Algo) Part 1

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

BUILT-TIGHT
Schedule of Cash Receipts from Sales
	July	August	September
Sales	$61,500	$77,500	$50,500
Cash receipts from:
Cash sales
Collections of prior period sales
Total cash receipts	$0	$0	$0