Budgeted April May June Sales $ 30,900 $ 41,100 $ 25, 100 Cash payments for merchandise purchases 22,400 15,700 16,100 Sales are 70% cash and 30% on credit. Sales in March were $25,100. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $13,100 in cash and $3,100 in loans payable. A minimum cash balance of $13,100 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000 Interest is 2% 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 t month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (5% of sales), shipping (4% of sales), office salaries ($6,100 per month), and rent ($4,100 per month) (a) Prepare a schedule of cash receipts from sales for April, May, and June (6) 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)