! 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 $ 54,500 August $ 70,500 Budgeted cash payments for Direct materials Direct labor Overhead 12,540 2,460 15,900 September $ 57,500 15,260 3,140 19,300 12,860 2,540 16,300 Sales to customers are 15% cash and 85% on credit. Sales in June were $52,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $53,000 in cash and $4,100 in loans payable. A minimum cash balance of $53,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $53,000. 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 $53,000 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 ($3,100 per month), and rent ($5,600 per month). 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 $ 54,500 $ 70,500 $ 57,500