tps/ rls https%3A%2F%2Fconnect mheducat ion.com%2Fpaamweb%2Findechtmf%23%2Frec The following information applies to the questions displayed below Buit- Tight is preparing ts master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow Budgeted sales Budgeted cash payments for 57,509 $73,580 s 54,568 Direct materials Direct labor Factory overheed 15,860 13,140 13,460 3,140 9.90016,50016,900 ,7403,060 Sales are 20% cash and 80% on credit. Al credit sales are collected in the month fol ing the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,700 in accounts receivable; $4,200 in accounts payable; and a $4,700 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 pad at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month Operating expenses are ($6.200 per month). (1) Prepare a cash receipts budget for July, August and September Cash Receipts Budget For July, August, and September July August Less ending accounts receivable Cesh receipts from Total cash neceipts Prev 10 11 of 11 Next >