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 $59,000 August $75,000 September $ 53,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 17,160 5,040 21,200 14,440 4,360 17,800 14,760 4,440 18,200 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; $46,000 in accounts receivable; $5,500 in accounts payable, and a $6,000 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 ($5,000 per month), and rent ($7,500 per month). 2. Prepare a cash budget for each of the months of July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.) September BUILT-TIGHT 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 0 Total cash payments Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance 0 0 Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month