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Accounting
Please let me know what the values of the incorrect answers should be...
Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow July August September Budgeted sales Budgeted cash payments for Direct materials Direct labor Factory overhead $58,500 $74,500 53,500 13,660 20,100 16,70017,100 16,060 13,340 3,940 3,260 Sales are 25% cash and 75% 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; $44,900 in accounts receivable; $4,400 in accounts payable; and a $4,900 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 ($3,900 per month, and rent ($6,400 per month)
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