requited motmation [The following information opplies to the questions displayed below) Bulit-Tight is preparing its master budget. Budgeted sales and cash payments foliow: Sales to customers are 25% cash and 75% on credit. Sales in June were $56,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $37,000 in cash and $4,900 in loans payable. A minimum cash balance of $37,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $37,000. 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 $37,000 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 ( $3,900 per month), and rent ( $6,400 per month). 1. Prepare a schedule of cash receipts for the months of July. August, and September