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 Budgeted cash payments for Direct materials Direct labor Overhead 13,040 2,960 16,400 September $ 55,000 15,760 3,640 19,800 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). 2. Prepare a cash budget for 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.) Answer is not complete. Beginning cash balance Total cash available Less: Cash payments for Direct materials Direct labor BUILT-TIGHT Cash Budget July August September 60,200 69,400 Total cash payments 0 0 0 Preliminary cash balance Loan activity Additional loan 0 0 0 Repayment of loan to bank 0 Ending cash balance 0 0 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month Loan balance July August September