Required information The following information applies to the questions displayed below.] of 2 Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July August September Budgeted sales $ 59, 500 $ 75, 500 $ 52,500 Budgeted cash payments for Direct materials 17, 060 14,340 14, 660 Direct labor 4,940 4,260 4, 340 Overhead 21, 100 17,700 18, 100 Book Sales to customers are 30% cash and 70% on credit. Sales in June were $62,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $33,000 in cash and $5,900 in loans payable A minimum cash balance of $33,000 is required. Loans are obtained at the end of any month when the preliminary cash Print balance is below $33,000. 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 $33,000 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 ($4,900 per month), and rent ($7.400 per month) ferences 1. Prepare a schedule of cash receipts for the months of July, August, and September. BUILT-TIGHT Schedule of Cash Receipts from Sales July August September Sales $ 59,500 $ 75,500 5 52,500 Cash receipts from Cash sales Collections of prior period sales 41.650 52,850 Total cash receipts $ 0 $ 41,650 $ 52,850