Problem 22-2A Manufacturing: Cash budget LO P2

[The following information applies to the questions displayed below.] 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:

	July			August			September
Budgeted sales	$	60,500		$	76,500		$	51,500
Budgeted cash payments for
Direct materials		16,860			14,140			14,460
Direct labor		4,740			4,060			4,140
Factory overhead		20,900			17,500			17,900

Sales are 30% cash and 70% 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; $45,700 in accounts receivable; $5,200 in accounts payable; and a $5,700 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 ($4,700 per month), and rent ($7,200 per month).

Problem 22-2A Part 2

(2) Prepare a cash budget for each of the months of July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.)