Required information. Problem 20-2A (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 Budgeted sales July $ 62,000 August $ 78,000 September $ 50,000 Budgeted cash payments for Direct materials Direct labor Overhead 16,560 4,440 20,600 13,840 3,760 17,200 14,160 3,840 17,600 Sales to customers are 25% cash and 75% on credit. Sales in June were $58,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $23,000 in cash and $5,400 in loans payable. A minimum cash balance of $23,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $23,000. 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 $23,000 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 ($4,400 per month), and rent ($6,900 per month). Problem 20-2A (Algo) Part 1 1. Prepare a schedule of cash receipts for the months of July, August, and September Sales Cash receipts from Total cash receipts BUILT-TIGHT Schedule of Cash Receipts from Sales July August September $ 62,000 $ 78,000 $50,000