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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate co Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July $ 56,000 August $ 72,000 September $ 56,000 idgeted sales Budgeted cash payments for Direct materials Direct labor Overhead 13,160 15,560 3, 440 19,600 12,840 2,760 16, 200 2,840 16,600 Sales to customers are 20% cash and 80% on credit. Sales in June were $53,500. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $47,000 in cash and $4,400 in loans payable. A minimum cash balance of $47,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $47,000. 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 $47,000 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 ($3,400 per month), and rent ($5,900 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. X Answer is not complete. BUILT-TIGHT Schedule of Cash Receipts from Sales July August $ 56,000 72,000 September 56,000 Sales Cash receipts from: < Prev 11 12 of 12 Next >
Anh Required information 2. Prepare a cash budget for the months of July, August, and September. (Negative balances and Loan repayment amounts should be indicated with minus sign. Enter your final answers in whole dollars.) BUILT-TIGHT Cash Budget July August $ 47,000 $ 47,000 September Beginning cash balance Total cash available Less: Cash payments for es 0 0 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan to bank Ending cash balance 0 0 0 0 2 2 Moyt
12 Required information Less: Cash payments for Part 2 of 2 0.37 points eBook 0 Print 0 0 References Total cash payments Preliminary cash balance Loan activity Additional loan 0 Repayment of loan to bank Ending cash balance 0 o 0 Loan balance July August September $ 4,400 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month