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 $53.000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $49,000 in cash and $4,300 in loans payable. A minimum cash balance of $49,000 is required, Loans are obtained at the end of any month when the preliminary cash balance is below $49,000. 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 $49,000 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 ( $3,300 per month), and rent (\$5,800 per month) 1. Prepare a schedule of cash receipts for the months of July. August, and Septembec..

1. 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 $53.000. All credit sales are
collected in the month following the sale. The June 30 balance sheet includes balances of
$49,000 in cash and $4,300 in loans payable. A minimum cash balance of $49,000 is required,
Loans are obtained at the end of any month when the preliminary cash balance is below $49,000.
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 $49,000 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 ( $3,300 per month), and rent ($5,800 per month) 1. Prepare a schedule of cash receipts
for the months of July. August, and Septembec.