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 $ 62,500 August $ 78,500 September $ 49,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead 16,460 4,340 20,589 13,740 3,660 17,100 14,060 3,740 17,500 Sales to customers are 25% cash and 75% on credit. Sales in June were $58,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $21,000 in cash and $5,300 in loans payable. A minimum cash balance of $21,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $21,000. 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 $21,000 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 (54,300 per month), and rent ($6,800 per month). 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 S 62 500 s 78,500 S 49.500 Sales Cash recepts from Total cash receipts S 0 S 05 2. Prepare a cash budget for 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.) . BUILT-TIGHT Cash Budget July August September Beginning cash balance Total cash available Less Cash payments for 0 0 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance 0 0 01 Loan balance July August September Loan balance - Beginning of month Additional loan luan repayment) Loan balance - End of month