1 Part 1 of 2 3.33 points Skipped eBook Print References Required information Problem 20-2A (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: Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead Problem 20-2A (Algo) Part 1 Sales Cash receipts from: July $ 56,500 BUILT-TIGHT 15,660 3,540 19,700 August $ 72,500 Sales to customers are 20% cash and 80% on credit. Sales in June were $54,000. All credit sales are collected month following the sale. The June 30 balance sheet includes balances of $45,000 in cash and $4,500 in loans A minimum cash balance of $45,000 is required. Loans are obtained at the end of any month when the prelimin balance is below $45,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is pa month-end. Any preliminary cash balance above $45,000 is used to repay loans at month-end. Expenses are pa month incurred and consist of sales commissions (10% of sales), office salaries ($3,500 per month), and rent ($6 month). $ 12,940 2,860 16,300 September $ 55,500 1. Prepare a schedule of cash receipts for the months of July, August, and September. 13,260 2,940 16,700 Schedule of Cash Receipts from Sales July August September 56,500 $ 72,500 $ 55,500
Required information Problem 20-2A (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 $54,000. All credit sales are collectec month following the sale. The June 30 balance sheet includes balances of $45,000 in cash and $4.500 in loan A minimum cash balance of $45,000 is required. Loans are obtained at the end of any month when the prelim balance is below $45,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is month-end. Any preliminary cash balance above $45,000 is used to repay loans at month-end. Expenses are month incurred and consist of sales commissions ( 10% of sales), office salaries ($3,500 per month), and rent ( $ month). Problem 20-2A (Algo) Part 1 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, August, and September 
