Caster, Inc. is preparing ts master budget for the quarter ended June 30, Budgeted sales and cash payments for merchandise for the next three months follow Hudented Sales Cash payments for merchandise April may 5 32,000 $40,000 20,200 16,500 June $ 24,000 17.00 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 receivable, $11.000 in accounts payable, and a $2,000 balance in loans payable A minimum cash balance of $12000 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 include sales commissions (10% of sales), shipping 2% of sales), office salaries ($5,000 per month and rent (53.000 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 Apr 5 12.000 20.000 May June Beginning cash balance Collections on account Total wat Cash payment for Pyuthane 14 Next > O > ViewSonic