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 $ 57,500 August $ 73,500 September $ 54,500 Budgeted cash payments for Direct materials Direct labor Overhead 13,140 3,060 16,500 13,460 3,140 16,900 15,860 3,740 19,900 Sales to customers are 20% cash and 80% on credit. Sales In June were $55,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $41,000 in cash and $4,700 in loans payable. A minimum cash balance of $41,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $41,000. 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 $41,000 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 ($3,700 per month), and rent ($6,200 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales BUILT-TIGHT Schedule of Cash Receipts from Sales July August September $ 57,500 $ 73,500 $54,500 Cash receipts from Total cash receipts $ 0 $ 05 0