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	August	September
Budgeted sales	$ 61,000	$ 77,000	$ 51,000
Budgeted cash payments for
Direct materials	16,760	14,040	14,360
Direct labor	4,640	3,960	4,040
Overhead	20,800	17,400	17,800

Sales to customers are 30% cash and 70% on credit. Sales in June were $60,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $27,000 in cash and $5,600 in loans payable. A minimum cash balance of $27,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $27,000. 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 $27,000 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 ($4,600 per month), and rent ($7,100 per month).

2. Prepare a cash budget for the months of July, August, and September.

Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.