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 $63,500 August $79, September 48,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 16,260 4.140 20. 0 13,540 3.460 16.900 13,860 3.540 17,300 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: $45,100 in accounts receivable: $4,600 in accounts payable, and a $5,100 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 ($4,100 per month), and rent (56,600 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 Lesending accounts receivable Cash recepts from Total cash recepti (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.) LIGHT Cash Budget For July, August, and September July August September Beginning cash balance Total cash available Cash payments for LLLLLLLL Total cash payments Prenary cash balance Ending cash Loan balance July August September Loan balance - Beginning of month Add to Londoan repayment Loanne - End of more