Help 9 Part 2012 4 ponts Shipped Required Information Problem 7-2A (Static) Manufacturing: Cash budget and schedule of cash payments LO P2 The following information applies to the questions displayed below) Built-Tight is preparing its master budget. Budgeted sales and cash payments follow. July August September Budgeted sales $ 54,000 $ 80,000 $48.000 Budgeted cash payments for Direct materials 16.160 13,440 13,760 Direct labor 4.040 3,360 3.440 Overhead 20,200 16,800 17,200 Sales to customers are 20% cash 80% on credit. Sales in June were $56,250. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash and $5,000 in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $15.000. Interest is 15 per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $15,000 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 ($4,000 per month), and rent ($6,500 per month Problem 7-2A (Static) Part 2 2. Prepare a cash budget for 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.) Part 2 of 2 BUILT-TIGHT Cash Budget July August September points Beginning cash balance Skipped 0 0 0 Total cash available Less: Cash payments for eBook Print Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance 0 Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month