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BuiltTight is preparing its master budget. Budgeted sales and cash payments follow:
Sales to customers are cash and on credit. Sales in June were $ All credit sales are collected in the
month following the sale. The June balance sheet includes balances of $ in cash and $ in loans payable. A
minimum cash balance of $ is required. Loans are obtained at the end of any month when the preliminary cash
balance is below $ Interest is per month based on the beginningofthemonth loan balance and is paid at each
monthend. Any preliminary cash balance above $ is used to repay loans at monthend. Expenses are paid in the
month incurred and consist of sales commissions of sales office salaries $ per month and rent $ per
month
Prepare a schedule of cash receipts for the months of July, August, and September.
