Hel omework 5 Saved 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: 6 August September $54,000 $70,000 58,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 15,160 12,440 12,760 3,040 2,360 2,440 19,200 15,800 16,200 Part 1 of 2 Sales are 15% cash and 85% 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: $44,000 in accounts receivable: $3,500 in accounts payable; and a $4,000 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 ($3,000 per month), and rent ($5,500 per month). 2.66 points Slpped eBook Print References (1) Prepare a cash receipts budget for July, August, and September BUILT-TIGHT Cash Receipts Budget For July, August, and September Less: ending accounts receivable Cash receipts from SOS 050 Total cash receipts