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Required information (The following Information applies to the questions displayed below.) Bulit-Tight is preparing its master budget. Budgeted sales and cash payments follow. July August September Budgeted sales $ 56,500 $ 72,500 $ 55,500 Budgeted cash payments for Direct materials 15,660 12,940 13,260 Direct labor 3,540 2,860 2,940 Overhead 19,700 16,300 16,700 Sales to customers are 20% cash and 80% on credit. Sales in June were $54.000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $45,000 in cash and $4,500 in loans payable. A minimum cash balance of $45,000 is required, Loans are obtained at the end of any month when the preliminary cash balance is below $45,000. 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 $45,000 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 ($3,500 per month), and rent ($6,000 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September BUILT-TIGHT Schedule of Cash Receipts from Sales July August September $ $6,500 $ 72,500 5 55,600 Sales Cash rochipts from Total cash receipt 5 5 $ 0 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.) BUILT-TIGHT Cash Budget July August Soptember Beginning cash balance Total cash available Less: Cash payments for 0 O 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance 0 0 Loan balance July August September Loan balance - Beginning of month Cash Budget July August Septerber Beginning cash balance Total cash available Less: Cash payments for 0 0 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance 0 Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month