Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Budgeted sales. July $ 56,000 August $ 72,000 September $ 56,000 Budgeted cash payments for Direct materials Direct labor Overhead 12,840 2,760 16,200 13,160 2,840 16,600 15,560 3,440 19,600 Sales to customers are 20% cash and 80% on credit. Sales in June were $53,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $47,000 in cash and $4,400 in loans payable. A minimum cash balance of $47,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $47,000. 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 $47,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,400 per month), and rent ($5,900 per month). 2. Prepare a cash budget for 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.) Beginning cash balance Add: Cash receipts Total cash available Answer is not complete. BUILT-TIGHT Cash Budget July August September $ 47,000 $ 47,000 56,000 53,600 59,200 68,800 100,600 106,200 124,800 S < Prev 12 of 12 Next>