Check my work 11 Bulit-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. 1 Dois Dodgeted sales Dodgeted cash payments for Direct materials Direct labor Factory overhead July At September $61.000 577,000 551.000 16.760 16,046 14.360 3,960 4,040 20.000 17.400 17.00 Pri Sales are 30% cash and 70% 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 $45.600 in accounts receivable, and a $5,600 balance in loans payable. A minimum cash balance of $15,000 is required. Loons are obtained at the end of any month when a cash shortage occurs Interest is TX 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 ($4.600 per month and rent ($7,100 per month 1. Prepare a cash receipts budget for July August, and September BUILT-TIGHT Cash Reces Budget Towy, Augustan Seeber August Logo Cathroom 111