[The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow. Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July $ 54,000 15,160 3,040 19,200 $ 70,000 12,440 2,360 15,800 September $ 58,000 12,760 2,448 16,200 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 $55,000 is 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 ($5,500 per month). 2. Prepare a cash budget for the months of July, August, and September (Negative balances and Loan repayment amounts (if any) should be Indicated with minus sign. Enter your final answers in whole dollars.)

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in a…