Problem 22-2A (Algo) Manufacturing: Cash budget and schedule of cash payments LO P2 [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 20% cash and 80% on credit. Sales in June were $52,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $51,000 in cash and $4,200 in loans payable. A minimum cash balance of $51,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $51,000. 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 $51,000 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 ( $3,200 per month), and rent ($5,700 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. 2. Prepare a cash budget for the months of July, August, and September. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars