Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Sales are 50% cash and 50% on credit. Sales in March were $33,600. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $16,800 in cash and $2,800 in loans payable. A minimum cash balance of $16,800 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $16,800. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $16,800 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions ( 10% of sales), shipping ( 2% of sales), office salaries ( $7,000 per month), and rent ( $4,200 per month). (a) Prepare a schedule of cash receipts from sales for April, May. and June. (b) Prepare a cash budget for each 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.) Schedule of Cash Receipts from Sales \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ April } & \multicolumn{2}{|c|}{ May } & \multicolumn{2}{|c|}{ June } \\ \hline Sales & $ & 44,800 & $ & 56,000 & $ & 33,600 \\ \hline Cash receipts from & & & & & & \\ \hline Cash sales & & & & & & \\ \hline Collections of prior period sales & & & & & & \\ \hline Total cash receipts & $ & 0 & $ & 0 & $ & 0 \\ \hline \end{tabular} CASTOR, INCORPORATED \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash Budget } \\ \hline & April & May & June \\ \hline \multicolumn{4}{|l|}{ Beginning cash balance } \\ \hline \multicolumn{4}{|l|}{ Add: Cash receipts from sales } \\ \hline Total cash available & 0 & 0 & 0 \\ \hline \multicolumn{4}{|l|}{ Less: Cash payments for: } \\ \hline \multicolumn{4}{|l|}{ Merchandise purchases } \\ \hline \multicolumn{4}{|l|}{ Sales commissions } \\ \hline \multicolumn{4}{|l|}{ Shipping } \\ \hline \multicolumn{4}{|l|}{ Office salaries } \\ \hline \multicolumn{4}{|l|}{ Rent } \\ \hline \multicolumn{4}{|l|}{ Interest on loan } \\ \hline & & 4 & \\ \hline \multicolumn{4}{|l|}{ Total cash payments } \\ \hline \multicolumn{4}{|l|}{ Preliminary cash balance } \\ \hline \multicolumn{4}{|l|}{ Additional loan (loan repayment) } \\ \hline \multicolumn{4}{|l|}{ Ending cash balance } \\ \hline \multicolumn{4}{|c|}{ Loan balance } \\ \hline & April & May & June \\ \hline Loan balance - Beginning of month & 2,800 & & \\ \hline \multicolumn{4}{|l|}{ Additional loan (loan repayment) } \\ \hline Loan balance - End of month & & & \\ \hline \end{tabular}