Required information [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow July August September Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead $63,000 $79,000 49,000 16,360 13,640 13,960 20,400 17,000 17,400 4,240 3,560 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; $45,200 in accounts receivable; $4,700 in accounts payable; and a $5,200 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 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 ($4,200 per month), and rent ($6,700 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.) BUILT-TIGHT Cash Budget For July, August, and September July August September Beginning cash balance ash receipts from customers Total cash available Cash payments for: 15,000S 60,950 75,950 15,000 67,000 82,000 71,500 Total cash payments Preliminary cash balance Ending cash balance Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month