2 Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow Budgeted April May June Sales $ 31,080 $ 41,000 $ 25,000 Cash paynents for merchandise purchases 22,200 15,800 16,200 Sales are 70% cash and 30% on credit. Sales in March were $25,000. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $13,000 in cash and $3,000 in loans payable. A minimum cash balance of $13,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $12,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (2% of sales), office salaries ($6,000 per month), and rent ($4,000 per month). (a) Prepare a schedule of cash receipts from sales for April, May, and June (b) Prepare a cash budget for each of April, May, and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Answer is not complete. Juno 25,000 CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May Sales $ 31,000 S 41,000 $ Cash receipts from Cash sales $ 21,700$ 28,700$ Collections of prior period sales 7.500 9,300 Total cash receipts $ 29.200 $ 38,000 S CASTOR, INCORPORATED Onthat 17.500 12,300 29,800