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 $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, 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). Prepare a cash budget for each of the months of July, August, and September September Cash Budget For July August, and September July August Beginning cash balance 15,000 $ 15,000 Cash receipts from customers Total cash available Cash payments for Direct materials Direct labor Overhead Sales commissions Office salaries Rent Interest on bank loan Total cash payments 0 0 Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance 0 0 OOOOOOO 0 0 Loon balance July Augs September Loan balance Beginning of months Additional loan loan repayment) Loan balance - End of month