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Required information Problem 22-2A (Algo) Manufacturing: Cash budget and schedule of cash payments LO P2 [The following information applies to the questions displayed below] Bult-Tight is preparing its master budget Budgeted sales and cash payments follow: Sales to customers are 25% cash and 75% on credt Sales in June were $57,500. All credit sales are collected in the month followng the sale. The June 30 balance sheet includes balances of $19,000 in cash and $5,200 in loans payable. A minimum cash balance of $19,000 is required Loans are obtained at the end of ony month when the preaiminary cash balance is below $19.000. 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 $19.000 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 (\$4.200 per month), and rent (\$6.700 per month) Problem 22-2A (Algo) Port 1 1. Prepare a schedule of cash receipts for the months of July. August and Septernber Required informetion Problem 22-2A (Algo) Manufacturing: Cash budget and schedule of cash payments LO P2 The following information applies to the questions displayed below] Buit-Tight is preparing its master budget. Budgeted sales and cash payments follow. Sales to customers are 25% cash and 75% on credit. Sales in June were 557.500 . All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $19,000 in cash and $5,200 in loans payoble A minimum cash balance of $19,000 is required Loans are obtained at the end of any month when the preliminary cash balance is below $19,000. Interest is 1% pet month based on the beginning of-the month loan balance and is paid at each month-end. Any prehminary cash balance above $19,000 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 (\$4,200 per month), and rent (\$6 700 per month) Problem 22-2A (Algo) Part 2 2. Prepare a casth budget for the months of July, August, and September Note: Negotive belances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollers