Required Information The following information applies to the questions displayed below] Bult-Tight is preparing its...
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Required Information The following information applies to the questions displayed below] Bult-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 15% cash and 85% on credit. Sales in June were $51,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $55,000 in cash and $4,000 in loans payable, A minimum cash balance of $55,000is required. Loans are obtained at the end of any month when the preliminary cash balance is below $55,000 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 $55,000 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 (\$3,000 per month), and rent (55,500 per month). 1. Prepare a schedule of cash receipts for the months of July. August, and September
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