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Required information [The following information applies to the questions displayed below.] Built-Tight...

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Accounting

Required information
[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 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).
Prepare a schedule of cash receipts for the months of July, August, and September.
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