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 $56,000 $72,000 September $ 56,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 15,560 3,440 19,600 12,840 2,760 16, 200 13,160 2,840 16,600 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: $14,400 in accounts receivable; and a $4,400 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 ($3,400 per month), and rent ($5,900 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