Required information Problem 7-2A (Static) 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: July August September Budgeted sales $ 64,000 $ 30,000 $ 48,00 Budgeted cash payments for Direct materials 16,160 13,440 13,760 btrect labor 4,040 3,360 3,440 Overhead 20,200 16,800 17,200 Sales to customers are 20% cash and 80% on credit. Sales in June were $56.250. All credit sales are collected in the month following the sale The June 30 balance sheet includes balances of $15.000 in cash and $5,000 in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $15,000. 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 $15.000 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 ($4,000 per month), and rent ($6.500 per month) Problem 7-2A (Static) Part 2 Required information 2. Prepare a cash budget for the months of July, August, and September. (Negative balances and Loan repayment am 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 canh balance