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 $ 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 Factory overhead 20,700 17,300 17,700 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; $45,500 in accounts receivable; $5,000 in accounts payable; and a $5,500 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 ($4,500 per month), and rent ($7,000 per month). (1) Prepare a cash receipts budget for July, August, and September.