built-tight is preparing its master budget. budgeted sales and cash payments follow: july august september budgeted sales $ 60,500 $ 76,500 $ 51,500 budgeted cash payments for direct materials 16,860 14,140 14,460 direct labor 4,740 4,060 4,140 overhead 20,900 17,500 17,900 sales to customers are 30% cash and 70% on credit. sales in june were $61,000. all credit sales are collected in the month following the sale. the june 30 balance sheet includes balances of $29,000 in cash and $5,700 in loans payable. a minimum cash balance of $29,000 is required. loans are obtained at the end of any month when the preliminary cash balance is below $29,000. 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 $29,000 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 ($4,700 per month), and rent ($7,200 per month). 1. prepare a schedule of cash receipts for the months of july, august, and september. prevquestion 1 linked to 2 of 2 total1 2 of 2visit question mapnext