Required information (The following information applies to the questions displayed below.) Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. July $60,000 August $76,000 September $ 52,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 16,960 4,840 21,000 14,240 4,160 17,600 14,560 4,240 18,000 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; $45,800 in accounts receivable: $5,300 in accounts payable; and a $5,800 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 ($4,800 per month), and rent ($7,300 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.) July September BUILT-TIGHT Cash Budget For July, August, and September August Beginning cash balance Cash receipts from customers Total cash available + Cash payments for: Direct labor Direct materials Overhead Sales commissions Office salaries Rent Interest on bank loan Total cash payments 0 Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance 0 0 0 0 0 Required Information [ T Sales commissions Office salaries Rent Interest on bank loan Total cash payments Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance 0 0 0 000 Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month