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 $56,000 August September $72,000 $56,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 15, 560 3, 440 19,600 12,840 2,760 16,200 13,160 2,840 16,600 Sales are 20% cash and 80% 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; $44,400 in accounts receivable; $3,900 in accounts payable; and a $4,400 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 ($3,400 per month), and rent ($5,900 per month). (1) Prepare a cash receipts budget for July, August, and September. (1) Prepare a cash receipts budget for July, August, and September. BUILT-TIGHT Cash Receipts Budget For July, August, and September July August September Less: ending accounts receivable Cash receipts from: 0 0 Total cash receipts $ 0 $ 0 $ 0