Required information [The following information applies to the questions displayed below] Bult-Tight is preparing its master budget Budgeted sales and cash payments follow: Sales to customers are 25% cash and 75% on credit Sales in June were $57,500. All credit sales are collected in the month following the sale The June 30 balance sheet includes balances of $19.000 in cash and 55,200 in loans payoble. A minimum cash balance of $19,000 is required, Loans are obiained of the end of any month when the preliminary cash balance is below $19,000. 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 $19,000 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 (\$4.200 per month), and rent (\$6,700 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. 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.) (1) Required information