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 $30,200 23,800 May $41,800 15,000 June $25,800 15, 4ee Sales are 80% cash and 20% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet Includes balances of $13,800 in cash, $13,800 in accounts receivable, $11,000 in accounts payable, and a $3,800 balance in loans payable. A minimum cash balance of $13,800 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 ($4,800 per month), and rent ($6,800 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 Search o CASTOR, INC. Cash Budget For April, May, and June April June May 13,800 $ 13,800 $ Beginning cash balance Cash sales Collections on account Total cash available 13,800 27,600 23,800 15,000 15,400 Cash payments for: Merchandise Sales commissions Shipping Office salaries Rent Interest on bank loan 0 Total cash payments Preliminary cash balance 23,800 15,000 15,400