(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 $54,500 $70,500 Auguat Septenber $57,500 Budgeted alen Budgeted eanh paymenta for Direct materials Direct labor Tactory overhead 15,260 3,140 19,300 12,540 2,460 15,900 12,860 2,540 16,300 Sales are 15% cash and 85% 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; $44,100 in accounts receivable; $3,600 in accounts payable; and a $4,100 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 repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,100 per month), and rent ($5,600 per month). wces (1 Prepare a cash receipts budget for July, August, and September. BUILT-TIGHT Cash Receipts Budget For July, August, and September July September August Less: ending accounts receivable Cash receipts from Total cash receipts ( Prey 5 of 10 Next > MacBook Air FS 23 24 & 6. Y