Required information {The foiiowing information applies to the questions displayed bellow] Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. July' August September Budgeted sales $59,5 $?5,533 $52,560 Budgeted cash payments for Direct materials 1?,366 14,343 14,663 Direct labor 4,946 4,263 4,340 Factory overhead 21,100 1?,?33 18,166 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; $45,900 in accounts receivable; and a $5,900 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-ofthe-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 {$4.900 per month}. and rent [$7,400 per month]. 1. Prepare a cash receipts budget for July, August, and September