Requlred Information Problem 22-2A (Algo) Manufacturing: Cash budget and schedule of cash payments LO P2 [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 30% cash and 70% on credit. Sales in June were $60,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $27,000 in cash and $5,600 in loans payable. A minimum cash balance of $27,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $27,000. 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 $27,000 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 ( $4,600 per month), and rent (\$7,100 per month). Problem 22-2A (Algo) Part 1 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. Note: Negatlve balences and Loen repayment amounts (If any) should be Indlceted with minus sign. whole dollers. 2. Prepare a cash budget for the months of July, August, and September. Note: Negatlve balences and Loen repayment amounts (If any) should be Indlceted with minus sign. whole dollers