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	$	59,500		$	75,500		$	52,500
Budgeted cash payments for
Direct materials		17,060			14,340			14,660
Direct labor		4,940			4,260			4,340
Factory overhead		21,100			17,700			18,100

Sales are 30% cash and 70% 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; $45,900 in accounts receivable; and a $5,900 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 ($4,900 per month), and rent ($7,400 per month).

CANT FIGURE OUT less: ending accounts recievable.

Check my work rent 1/400 ner monini UT ! Required information Part 1 of 2 1. Prepare a cash receipts budget for July, August, and September. 1.83 points eBook BUILT-TIGHT Cash Receipts Budget For July, August, and September July August September Sales $ 59,500 $ 75,500 $ 52,500 Less: ending accounts receivable Cash receipts from: Cash sales 59,500 75,500 52,500 Collections of prior month's receivables 45,900 41,650 52,850 Total cash receipts $ 105,400 $ 117,150 $ 105,350 Ask Print References