Required information [The following information applies to the questions displayed below.) Built-Tight is preparing its master budget. Budgeted sales and cash payments follow. July $ 60, 500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead August $ 76,500 September $ 51,500 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). BUILT-TIGHT Cash Budget July August $ 29,000 $ 29,000 September Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Direct labor Direct materials Overhead 0 0 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance 0 0 0 Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month +