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:

Required information [The following information applies to the questions displayed below.) 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 August September $62,000 $78,000 $50,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 16,560 4,440 20,600 13,840 3,760 17,200 14,160 3,840 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; 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). (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 71,000 BUILT-TIGHT Cash Budget For July, August, and September July August Beginning cash balance $ 15,000 $ 15,000 Cash receipts from customers 60,900 66.000 Total cash available 75,900 81.000 Cash payments for: Direct materials 16,560 13,840 Direct labor 4,440 3.760 Overhead 20,600 17.200 Sales commissions 6.200 7,800 Office salaries 4,400 4,400 Rent 6,900 6.900 Interest on bank loan 54 Total cash payments 59,154 53,900 Preliminary cash balance Additional loan (loan repayment) 0 Ending cash balance 0 14,160 3,840 17.600 5.000 4,400 6.900 0 51.900 0 Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month