Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow:

	July			August			September
Budgeted sales	$	62,500		$	78,500		$	49,500
Budgeted cash payments for
Direct materials		16,460			13,740			14,060
Direct labor		4,340			3,660			3,740
Factory overhead		20,500			17,100			17,500

Sales are 25% cash and 75% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,300 in accounts receivable; $4,800 in accounts payable; and a $5,300 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,300 per month), and rent ($6,800 per month).

BUILT-TIGHT
Cash Budget
For July, August, and September
	July	August	September
Beginning cash balance
Cash receipts from customers
Total cash available	75,925	81,500
Cash payments for:
Direct labor
Direct materials
Interest on bank loan
Office salaries
Overhead
Rent
Sales commissions
Total cash payments	20,800	20,760	21,240
Preliminary cash balance
Additional loan (loan repayment)
Ending cash balance	0	0	0
Loan balance
	July	August	September
Loan balance - Beginning of month
Additional loan (loan repayment)
Loan balance - End of month