please help in part one also please help answers in red are incorrect and i need the right answers

The following information applies to the questions displayed below.) Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July August September Budgeted sales $ 55,500 $ 71,500 $ 56,500 Budgeted cash payments for Direct materials 15,460 12,740 13,860 Direct labor 3,340 2,660 2,740 Overhead 19,500 16,100 16,500 Sales to customers are 20% cash and 80% on credit. Sales in June were $53,000. All credit sales are collected in the month following the sale The June 30 balance sheet includes balances of $49,000 in cash and $4,300 in loans payable. A minimum cash balance of $49,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $49,000. 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 $49,000 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 ($3,300 per month), and rent ($5,800 per month). Prepare a schedule of cash receipts for the months of July, August, and September. Required information month-end. Expenses are paid in the month incurred and consist of sales commiss ($3,300 per month), and rent ($5,800 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 Sales $ 55,500 $ 71,500 $ 56,500 Cash receipts from: Cash sales Collections of prior period sales Total cash receipts $ 0 $ 0 $ 0 43 0 52,993 17,407 19 X 47,769 25,931 x 47,050 43,410 x Interest on loan Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance 2,407 1,893 0 19,814 27,824 43,410 Loan balance July 4,300 September 0 $ $ August 1,893 (1,893) X Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month $ (2,407) 1,893 $ $ 0 $ 0