! Required information [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 $ 57,000 August $ 73,000 September $ 55,000 Budgeted cash payments for Direct materials Direct labor Overhead 15,760 3,640 19,800 13,040 2,960 16,400 13,360 3,040 16,800 Sales to customers are 20% cash and 80% on credit. Sales in June were $54,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $43,000 in cash and $4,600 in loans payable. A minimum cash balance of $43,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $43,000. 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 $43,000 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 ($3,600 per month), and rent ($6,100 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales Cash receipts from: BUILT-TIGHT Schedule of Cash Receipts from Sales July August September $ 57,000 $ 73,000 $ 55,000 Total cash receipts $ 0 0 $ 0