Required Information The following Information applies to the questions displayed below.] Bullt-Tight is preparing Its master budget for the quarter ended September 30, 2017. Budgeted sales and Part 1 of 2 cash payments for product costs for the quarter follow Budgeted sales Budgeted cash payments for $58,800 $74,808 54,808 points 13,560 3,248 17,800 Direct materials Direct labor Factory overhead 15,968 13,248 3,168 28,888 16,68e 3,848 Sales are 25% cash and 75% 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; $44,800 In accounts recelvable: $4,300 In accounts payable; and a $4,800 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-of-the-month loan balance and is pald at each month-end. If an excess balance of cash exlsts, loans are repald at the end of the month. Operating expenses are pald In the month Incurred and consist of sales commissions (10% of sales), office salaries ($3,800 per month, and rent ($6.300 per month). (1) Prepare a cash recelpts budget for July, August, and September Cash Receipts Budget For July, August, and September Less: ending accounts receivable Cash receipts from: Total cash receipts 9 Required Information The following Information applies to the questions displayed below Bult-Tght is preparing Its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments Part 2 of 2 for product costs for the quarter follow. Budgeted sales Budgeted cash paynents for $58,690 $74,8 54,899 10 polnts 13,560 3,248 17,690 Direct materials Direct 1abor Factory overhead 15,96 13,248 3.848 3,168 28,899 16,68e 00-59.54 Sales are 25% cash and 75% 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; $44,800 In accounts recelvable: $4,300 In accounts payable; and a $4.800 balance In loans payable. A minimum cash balance of $15,000 Is required. Loans are obtalned at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exlsts, loans are repald at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,800 per month), and rent $6,300 per month). (2) Prepare a cash budget for each of 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. 9 (2) Prepare a cash budget for each of 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 For July. August, and September Part 2 of 2 10 points August September July Beginning cash balance 00:59:28 Total cash available Cash payments for Total cash payments Preliminary cash balance Ending cash balance Loan balance August September July Loan Additional loan (loan repayment) Loan balance End of month balance -Beginning of month