(The following information applies to the questions displayed below.) Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July $ 64,000 August $ 80,000 September $ 48,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead 13,440 16,160 4,040 20, 200 3,360 16,800 13,760 3,440 17,200 Sales to customers are 20% cash and 80% on credit. Sales in June were $56,250. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash and $5,000 in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $15,000. 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 $15,000 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 ($4,000 per month), and rent ($6,500 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. BUILT-TIGHT Schedule of Cash Receipts from Sales July August September Sales $ 64,000 $ 80,000 $ 48,000 Cash receipts from: Cash sales Collections of prior period sales Total cash receipts $ 0 $ 0 $ 0