[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 $ 55,000 August $ 71,000 September $ 57,000 Budgeted cash payments for Direct materials Direct labor Overhead 15,360 3,240 19,400 12,640 12,960 2,560 16,000 2,640 16,400 Sales to customers are 20% cash and 80% on credit. Sales in June were $52,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $51,000 in cash and $4,200 in loans payable. A minimum cash balance of $51,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $51,000. 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 $51,000 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 ($3,200 per month), and rent ($5,700 per month). Problem 7-2A (Algo) Part 1 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 Sales $ 55,000 $ September 71,000 $ 57,000 Cash receipts from: Collections of prior period sales $ 42,000 Cash sales 11,000 14,200 11,400 Total cash receipts $ 53,000 $ 14,200 $ 11,400