Prepare a schedule of cash receipts for the months of July, August, and September.

- '0"OOH70ZZFY0252Fnewcon...O G Saved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.) Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead Duly $ 55,500 15,460 3,340 19,500 August $ 71,500 14,740 2,660 September $ 56,500 13,060 2,740 16,500 Sales to customers are 20% cash and 80% on credi 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 bailapce 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 $49,000 Is used to repay loans at Tooth-end Expenses are paid in the month incurred and consist of sales com issions (10% of sales), office salaries ($ 300 pe month), and rent ($5,800 per month). 1. Prepa g st a dl September. qule of cash receipts for the mont s f j I < Prev