Need help on this one! Thx! Show calculations, please

0 Required information Problem 22-2A Manufacturing: Cash budget LO P2 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 August September $64, 000 $80,000 48, 000 Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead 16, 160 4, 040 20, 200 13, 440 3, 360 16, 800 13, 760 3, 440 17, 200 Sales are 20% cash and 80% 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; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 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 ($4,000 per month, and rent ($6,500 per month). Problem 22-2A Part 1 (1) Prepare a cash receipts budget for July, August, and September. BUILT-TIGHT Cash Receipts Budget For July, August, and September July August $ 64,00080,00048,000 September Sales Less: ending accounts receivable Cash receipts from: Cash sales Collections of prior month's receivables 64,000 80,000 48,000 Total cash receipts S 64,000$ 80,000S 48,000 Problem 22-2A Part 2 (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.) BUILT-TIGHT Cash Budget For July, August, and September August September 15,000 57,800 72,800 Beginning cash balance Cash receipts from customers Total cash available Cash payments for 15,000 67,200 82,200 73.600 (73,600) Direct materials Direct labor Overhead Sales commissions Office salaries Rent Interest on bank loan 16,160 4,040 20,200 6,400 4,000 6,500 50 57,350 15,450 13,440 3,360 16,800 8,000 4,000 6,500 13.760 3.440 17,200 4,800 4.000 6,500 52,100 49,700 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 15,450 Total cash available 72,800 82,200 (73,600) Cash payments for: Direct materials Direct labor Overhead Sales commissions Office salaries Rent Interest on bank loan 16,160 4,040 20,200 6,400 4,000 6,500 50 57,350 15,450 13,440 3,360 16,800 8,000 4,000 6,500 13,760 3,440 17,200 4,800 4,000 6,500 52,100 49,700 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 15,450 0 0 Loan balance July August September Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month 5,000$ 5,000 5,000