Sever Suome (The following information applies to the questions displayed below) Check Built-Tight is preparing its master budget Budgeted sales and cash payments follow 12,540 July Budgeted sales September $ 54,500 Budgeted cash payments for 5 70,500 $57,50) Direct materials 15,260 12,860 Direct labor 3,149 2,460 2,540 Overhead 19:30 15.900 16.30 Sales to customers are 15% cash and 85% on credit Sales in June were $52.000 All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $53.000 in cash and $4100 infoans payable A minimum cash balance of $53.000 is required Loans are obtained at the end of any month when the preliminary cath balance is below $53,000. 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 $53.000 is used to repay loans at month end Expenses are paid in me month incurred and consist of sales commissions (10% of sales office salaries (53.100 per month and rent ($5.500 per month) 2. Prepare a casts budget for the months of July August and September (Negative balances and Loan repayment amounts if any should be indicated with minus sign. Enter your final answers in whole dollars.) BUILT TIGHT Cash Budget El Next > BUILT-TIGHT Cash Budget July August September Beginning cash balance Add: Cash receipts Total cash available es Less: Cash payments for Direct materials Direct labor Overhead Sales commissions Office salaries Rent Interest on loan Total cash payments Preliminary cash balance Loan activity 0 0