Preparing cash reciepts.

LO Required information [The following information applies to the questions displayed below] points Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow: Book July Budgeted sales August September Budgeted cash payments for $55, 500 $71, 500 $ 56.500 Direct materials 13, 060 Print Direct labor 15,460 12, 740 3, 340 2, 660 2, 740 Factory overhead 19,500 16,106 16,506 References Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,300 in accounts receivable, $3,800 in accounts payable; and a $4,300 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. 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 sales commissions (10% of sales), office salaries ($3,300 per month), and rent ($5,800 per month). (1) Prepare a cash receipts budget for July, August, and September BUILT-TIGHT Cash Receipts Budget For July, August, and September July August September Less: ending accounts receivable Cash receipts from. O Total cash receipts $ 4