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Bult-Tight is preparing its master budget. Budgeted sales and cash poyments follow: Sales to customers are 30% cash and 70% on credit. Sales in June

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Bult-Tight is preparing its master budget. Budgeted sales and cash poyments follow: Sales to customers are 30% cash and 70% on credit. Sales in June were $60,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $27,000 in cash and $5,600 in loans payable. A minimum cash balance of $27,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $27,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $27,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions ( 10% of sales). office salarles ( $4,600 per month), and rent ( $7,100 per month). 2. Prepare a cash budget for the months of July, August, and Septembec Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars

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