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 ril May June 31,000 $41,000 $25,000 22,200 15,800 16,200 Budg Sales cash payments for merchandise 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 $13,000 in cash, $13,000 in accounts receivable, $11,000 in accounts payable, and a $3,000 balance in loans payable. A minimum cash balance of $13,000 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 commissions (10% of sales), shipping (2% of sales), office salaries ($4,000 per month), and rent ($6,000 per Prepare a cash budget for each of the months of April, May, and June. (Negative balances and Loan repayment kists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and include sales month). 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 S 13,00013 May June Beginning cash balance 13,730 15,960 21.700 34,700 69.400 28,700 17.500 Total cash available Cash payments for should be indicated with minus sign. Round your final answers to the nearest whole dollar.) CASTOR, INC. Cash Budget For April, May, and June May June April 13,00o 13,730 $ 15,960 Beginning cash balance Cash sales Collections on account Total cash available Cash payments for 21,700 34,700 69,400 28,700 17,500 Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June 34,700 Collections on account Total cash available Cash payments for: 69,400 Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance-End of month 3,000