Budgeted Sales Cash payments for merchandise April $32,000 20,200 May $40,000 16,000 June $ 24,000 17,200 Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet Includes balances of $12,000 in cash, $12,000 in accounts recelvable, $11,000 in accounts payable, and a $2,000 balance in loans payable. A minimum cash balance of $12,000 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 pald at each month-end. If an excess balance of cash exlsts, loans are repeld at the end of the month. Operating expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (2% of sales), office salaries ($5,000 per month), and rent ($3,000 per month). Prepare a cash budget for each of the months 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) CASTOR, INC Cash Budget For April, May, and June April $ May June Beginning cash balance 12,000 Total cash available Cash payments for