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	$	58,000	$	74,000	$	54,000
Budgeted cash payments for
Direct materials		15,960		13,240		13,560
Direct labor		3,840		3,160		3,240
Factory overhead		20,000		16,600		17,000

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; $44,800 in accounts receivable; $4,300 in accounts payable (*included in cash payments for direct materials); and a $4,800 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 ($3,800 per month), and rent ($6,300 per month).

1.	Prepare a cash receipts budget for July, August, and September.

Prepare a cash budget for each of the months of July, August, and September.