Built-tight is preparing its master budget for the quarter ended september 30, 2015. budgeted sales and cash payments for product costs for the quarter follow: july august september budgeted sales $ 55,000 $ 71,000 $ 57,000 budgeted cash payments for direct materials 15,360 12,640 12,960 direct labor 3,240 2,560 2,640 factory overhead 19,400 16,000 16,400 sales are 20% cash and 80% on credit. all credit sales are collected in the month following the sale. the june 30 balance sheet includes balances of $15,000 in cash; $44,200 in accounts receivable; $3,700 in accounts payable (*included in cash payments for direct materials); and a $4,200 balance in loans payable. a minimum cash balance of $15,000 is required. loans are obtained at the end of any month when a cash shortage occurs. interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. if an excess balance of cash exists, loans are repaid at the end of the month. operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,200 per month), and rent ($5,700 per month).1.prepare a cash receipts budget for july, august, and september. 2.prepare a cash budget for each of the months of july, august, and september.