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 25% cash and 75% on credit. Sales in June were $58,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $21,000 in cash and $5,300 in loans payable. A minimum cash balance of $21,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $21,000. 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 $21,000 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 ( $4,300 per month), and rent (\$6,800 per month). 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 25% cash and 75% on credit. Sales in June were $58,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $21,000 in cash and $5,300 in loans payable. A minimum cash balance of $21,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $21,000. 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 $21,000 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 ( $4,300 per month), and rent ($6,800 per month)