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 $59,000 $75,000 $53,eee Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 17,162 5,040 21,200 14,440 4,360 17,808 14.760 4,440 18,209 Sales are 30% cash and 70% 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: $46,000 in accounts receivable: $5,500 in accounts payable and a $6,000 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 15 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 (ON of salesl office salaries ($5,000 per month and rent ($7,500 per month) (1) Prepare a cash receipts budget for July, August, and September BUILT TIGHT Cash Receipts Budget For July August, and September July August September Lessanding accounts receivable Cash receipts from Total cash receps