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: Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead July August $77,500 $61,500 16,660 13,940 4,540 3,860 20,700 17,300 September $ 50,500 14,260 3,940 17,700 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; $45,500 in accounts receivable; $5,000 in accounts payable; and a $5,500 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 ($4,500 per month), and rent ($7,000 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.) Total cash payments Preliminary cash balance. Ending cash balance Loan balance Beginning of month Additional loan (loan repayment) Loan balance - End of month Loan balance July 0 0 August 0 0 September 0 0 Beginning cash balance Total cash available Cash payments for: Total cash payments Preliminary cash balance BUILT-TIGHT Cash Budget For July, August, and September July $ 15,000 $ 0 August 15,000 September 0