Required information The following information applies to the questions displayed below. Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow July August September $58,000 $74,000 54,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 15,960 13,240 3,840 3,160 20,000 16,600 13,560 3,240 17,000 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; $44,800 in accounts receivable; $4,300 in accounts payable; and a $4,800 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 ($3,800 per month, and rent $6,300 per month). (1) Prepare a cash receipts budget for July, August, and September BUILT-TIGHT Cash Receipts Budget For July, August, and September July August September Less: ending accounts receivable Cash receipts from: Total cash receipts