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 August September $63,000 $79,000 $ 49,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 16, 360 4,240 20,400 13,640 3,560 17,000 13,960 3,640 17,400 Sales are 25% cash and 75% 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; $45,200 in accounts receivable; $4,700 in accounts payable; and a $5,200 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 ($4,200 per month), and rent ($6,700 per month). 1. Prepare a cash receipts budget for July, August, and September. September $ 49,000 BUILT-TIGHT Cash Receipts Budget For July, August, and September July August Sales $ 63,000 $ 79,000 Less: ending accounts receivable Cash receipts from: Cash sales 63,000 79,000 Collections of prior month's receivables Total cash receipts $ 63,000 $ 79,000 49,000 $ 49,000