Required information 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 $58,000 August September $74,000 Budgeted sales Budgeted cash payments for Direct materials Direct labor $ 54,000 15,960 13,240 13,560 3,840 20,000 3,160 3,240 17.000 Factory overhead 16,600 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; $44,800 in accounts receivable: $4,300 in accounts payable; and a $4,800 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 ($3,800 per month), and rent ($6,300 per month). (2) Prepare a cash budget for each of the months of July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.) Required information + BUILT-TIGHT Cash Budget For July, August, and September August September July Beginning cash balance Cash receipts from customers Total cash available Cash payments for: 15,000 $ 59,300 74,300 Direct materials Direct labor Overhead Sales commissions Office salaries Rent Interest on bank loan Total cash payments 0 0 0 Preliminary cash balance Additional loan (loan repayment) Ending cash balance 0 0 0 Required information Overhead Sales commissions Office salaries Rent Interest on bank loan Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 0 0 0 0 0 0 Loan balance July August September Loan balance-Beginning of month Additional loan (loan repayment) Loan balance -End of month