Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow. Budgeted $ 32,000 Cash payments for merchandise 17,200 April Sales May 5.40,000 16,800 June $ 24,000 20,200 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 receivable, $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 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 soles commissions (10% of sales), shipping (2% of sales), office solaries ($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) GATOR, WG Cash Budget For April, May, and June April May June Beginning cash balance 12,000 Total cash available Cash payments for: Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Beginning cash balance April 12,000 $ Total cash available Cash payments for: Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June $ 2,000 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month