(The following Information applies to the questions displayed below.) Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow: July August $63,880 $79,880 September $ 49,888 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 16,36 4,240 20,480 13,640 3,560 17,880 13,96 3,640 17,400 Sales are 25% cash and 75% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet Includes balances of $15,000 In cash; $45,200 In accounts receivable, and a $5,200 balance in loans payable. A minimum cash balance of $15.000 is required. Loans are obtained at the end of any month when a cash shortage occurs Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repald at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salarles ($4,200 per month), and rent ($6,700 per month). (1) Prepare a cash receipts budget for July, August, and September. BUILT-TIGHT Cash Receipts Budget For July, August, and September July August September Less: ending accounts receivable Cash receipts from: Total cash receipts $ 0 $ 0 $ BUILT-TIGHT Cash Budget For July, August, and September July August September Beginning cash balance Total cash available Cash payments for: 0 0 0 Total cash payments Preliminary cash balance Ending cash balance Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month