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Required information Problem 22-2A (Algo) 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: Sales to customers are 20% cash and 80% on credit. Sales in June were $54,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $43,000 in cash and $4,600 in loans payable. A minimum cash balance of $43,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $43,000. 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 $43,000 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 ( $3,600 per month), and rent ( $6,100 per month). Problem 22-2A (Algo) Part 1 1. Prepare a schedule of cash receipts for the months of July, August, and September