I sep $57.000 Aug. $55.000 $11.000 Built tight is preparing its master budget for the quarter ended September 30 Budgeted sales and cash payments for producte costs for the quarter follow July Budgeted Sales Budgeted cash payments for : Direct materiais 15.360 Direct labor 3240 factory overhead 19.400 Sales are 20% cash and 80% on Credit All Credit sales are collected in the month 12640 2560 161000 12960 2640 16400 following the sale. The June 30 balance sheet indudes balances of $15,000 in cash; $44.200 In accounts recievable; and a $4,200 balance in loans payable. A minimun cash balance Of $15.000 is required. Loans are obtained at the end of any mortth when a cash shortage Ocwrs. 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 sares Commissions (10% of sares), Office Salaries ($3,200 per month), and rent ($5,700 per month). month of July August and september Prepare a cash budget for each of the 68200 $15000 58200 73,200 112960 2640 116,400 3240 Built tight cash budget For July August and september Beginning cash budest $15000 cash recepts 55 200 Total cash available 170, 200 cash payments for Direct materials 15 360 Direct labor overhead 19400 Sares commissions 5,500 Interest on bankioon 42 Total cash payments 52442 preliminary cash balance 11758 Additional loan from bank repayment of loon to bank 11,758 ending cash balance 12640 2560 16.000 7100 5700 47200 146600 Aug Sep loan balance July Beginning loan balance - 4 month $4200 additional loan (loan repayment) loan balance - endof month