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[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

$ 61,000

$ 77,000

$ 51,000

Budgeted cash payments for

Direct materials

16,760

14,040

14,360

Direct labor

4,640

3,960

4,040

Overhead

20,800

17,400

17,800

Sales to customers are 30% cash and 70% on credit. Sales in June were $60,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $27,000 in cash and $5,600 in loans payable. A minimum cash balance of $27,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $27,000. 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 $27,000 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 ($4,600 per month), and rent ($7,100 per month).

1. Prepare a schedule of cash receipts for the months of July, August,

and September.

Required information [The following information applies to the questions displayed below.] Bulit-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 30% cash and 70% on credit. Sales in June were $60,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $27,000 in cash and $5,600 in loans payable. A minimum cash balance of $27,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $27,000. 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 $27,000 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 ( $4,600 per month), and rent ( $7.100 per month). 1. Prepare a schedule of cash receipts for the months of July. August, and September. 1. Prepare a schedule of cash receipts for the months of July, Aug Prepare a schedule of cash receipts for the months of July