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 $ 60,500 August $ 76,500 September $ 51,500 Budgeted cash payments for Direct materials Direct labor Overhead 16,860 4,740 20,900 14,140 4,060 17,500 14,460 4,140 17,900 Sales to customers are 30% cash and 70% on credit. Sales in June were $61,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $29,000 in cash and $5,700 in loans payable. A minimum cash balance of $29,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $29,000. 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 $29,000 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 ($4,700 per month), and rent ($7,200 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales Cash receipts from: BUILT-TIGHT Schedule of Cash Receipts from Sales July August $ 60,500 $ September 76,500 $51,500 Total cash receipts $ 0 $ 0 $ 0