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 $56,500 August $72,500 September $ 55,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 15,660 3,540 19,700 12,940 2,860 16,300 13,260 2,940 16,700 Sales are 20% cash and 80% 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; $44,500 in accounts receivable; $4,000 in accounts payable, and a $4,500 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 ($3,500 per month), and rent ($6,000 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