c; . W. July 7" August 7 September- Budgeted sales $ 59,008 $ 75,096 $ 53,668 Budgeted cash payments for Direct materials 17.156 14,446 14,760 Direct labor 5,649 4,360 4,440 Overhead 21,290 17,806 18,208 Sales to customers are 30% cash and 70% on credit. Sales in June were $64,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $35,000 in cash and $6,000 in loans payable. A minimum cash balance of $35,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $35,000. Interest is 1% per month based on the beginning-ofthe-month loan balance and is paid at each monthend. Any preliminary cash balance above $35,000 is used to repay loans at monthend. 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). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales 53,000 Cash receipts from: Total cash receipts