Required information Problem 20-2A (Algo) Manufacturing: Cosh 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 July August September Budgeted sales $ 56,000 572,000 $ 56,000 Budgeted cash payments for Direct materials 15,560 12,840 13.100 Direct labor 3.4.40 2,760 2,840 Overboad 19,600 16,200 16,600 Sales to customers are 20% cash and 80% on credit, Sales in June were $53,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $47000 in cash and $4.400 in loans payable A minimum cash balance of $47.000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $47.000. 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 $47000 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 ($3.400 per month), and rent ($5.900 per month) Problem 20-2A (Algo) Part 2 Problem 20-2A (Algo) Part 2 2. Prepare a cash budget for 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.) BUILT-TIGHT Cash Budget July August September Beginning cash balance Total cash available Less Cash payments for Total cash payments Preliminary cash balance Loan activity Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month