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

July August September Budgeted sales $57,090 $73,980 $ 55, 809 Budgeted cash payments for Direct materials 15,768 13,940 13, 360 Direct labor 3, 648 2,960 3, 040 Factory overhead 19, 806 16, 480 16, 809 Sales are 20% cash and 80% 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; $44,600 In accounts receivable; and a $4,600 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 pald at each month-end. If an excess balance of cash exists, loans are repald at the end of the month. Operating expenses are paid In the month Incurred and consist of sales commissions (10% of sales), office salaries ($3,600 per month), and rent ($6,100 per month).BUILT-TIGHT Cash Receipts Budget For July, August, and September July August September Sales 57,000 73,000 55,000 Less: ending accounts receivable Cash receipts from: Cash sales 57,000 73,000 55,000 Collections of prior month's receivables Total cash receipts 57,000 73,000 55,000BUILT-TIGHT Cash Budget For July, August, and September July August September Beginning cash balance Total cash available Cash payments for: Total cash payments 0 Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance 0 Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month