Required information [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Budgeted sales July $ 63,500 August $ 79,500 September $ 48,500 Budgeted cash payments for Direct materials Direct labor Overhead 16,260 4,140 20,300 13,540 3,460 16,900 13,860 3,540 17,300 S Sales to customers are 25% cash and 75% on credit. Sales in June were $57,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable. A minimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $17,000. 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 $17,000 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 ($4,100 per month), and rent ($6,600 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales Cash receipts from: BUILT-TIGHT Schedule of Cash Receipts from Sales July August September $ 63,500 $ 79,500 $ 48,500 Total cash receipts $ 0 $ 0 $ 0