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 Sales Cash payments for merchandise April $31,400 21,400 May $40,600 16,200 June $74,689 16,600 Sales are 70% cash and 30% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,600 in cash, $12,600 in accounts receivable, $11,600 in accounts payable, and a $2,600 balance in loans payable. A minimum cash balance of $12,600 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 (3% of sales), office salaries (55,600 per month), and rent ($3,600 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 CASTOR, INC. Cash Budget For April, May, and June May June April 12,600 $ $ 12,600 Beginning cash balance Cash sales Collections on account Total cash available 12,600 25,200 Cash payments for Merchandise Sales commissions Shipping Office salaries Rent Interest on bank loan Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance May June April 2,600 $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month