Problem $20-2$A $($Algo$)$ Manufacturing: Cash budget and schedule of cash payments LO P$2$

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Bult$-$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 $$43,000.$ Interest is $1\%$ per month based on the beginning$-$of$-$the$-$month loan balance and is pald at each month$-$end. Any preliminary cash balance above $$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 salarles per month$),$ and rent $($ $$6,100$ per month$).$