The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 25% cash and 75% on credit. Sales in June were $60,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $25,000 in cash and $5,500 in loans payable. A minimum cash balance of $25,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $25,000. 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 $25,000 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 ( $4,500 per month), and rent ( $7,000 per nonth). 1. Prepare a schedule of cash receipts for the months of July, August, and September. \begin{tabular}{|l|l|l|} \hline Beginning cash balance \\ \hline Total cash available \\ \hline Less: Cash payments for \\ \hline \end{tabular} \begin{tabular}{l} Total cash payments \\ \hline Preliminary cash balance \\ \hline Loan activity \\ \hline Additional loan \\ \hline Repayment of loan to bank \\ \hline \end{tabular}