Built-Tight is preparing its master budget for the quarter ended September 30, 2015. Budgeted sales and cash payments for product costs for the quarter follow:

	July		August		September
Budgeted sales	$	62,000	$	78,000	$	50,000
Budgeted cash payments for
Direct materials		16,560		13,840		14,160
Direct labor		4,440		3,760		3,840
Factory overhead		20,600		17,200		17,600

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; $45,400 in accounts receivable; $4,900 in accounts payable; and a $5,400 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 ($4,400 per month), and rent ($6,900 per month).

BUILT-TIGHT
Cash Receipts Budget
For July, August, and September
	July	August	September
Less ending accounts receivable
Cash receipts from
Total cash receipts

BUILT-TIGHT
Cash Budget
For July, August, and September
	July	August	September
Beginning cash balance
Total cash available
Cash disbursements:
Interest on bank loan
July
August
Preliminary cash balance
Ending cash balance
Loan balance
	July	August	September
Loan balance - Beginning of month
Additional loan (loan repayment)
Loan balance - End of month