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). 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.) BUILT-TIGHT Cash Budget For July, August, and September July August Beginning cash balance $ 15,000 $ 15,000 Cash receipts from customers Total cash available September Cash payments for: Direct labor Overhead 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