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 $31,480 21,400 May $40,600 16,200 June $24,600 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, $11,000 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 ($3,600 per month), and rent ($5,600 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 Beginning cash balance S 12,600 Total cash available Cash payments for 1 TTTTTTTO TIL Total cash payments Preliminary cash balance PH Ending cash balance Loan balance April $ 2,600 May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month