Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted Sales Cash payments for merchandise purchases April $ 52,800 May $ 66,000 June $ 39,600 33,330 27,720 28,380 Sales are 50% cash and 50% on credit. Sales in March were $39,600. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $19,800 in cash and $3,300 in loans payable. A minimum cash balance of $19,800 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $19,800. 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 $19,800 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 ($8,250 per month), and rent ($4,950 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.) Cash receipts from CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May June $ 52,800 $ 66,000 $ 39,600 Total cash receipts $ 0 $ 0 $ CASTOR, INCORPORATED Cash Budget April May June Beginning cash balance Total cash available 0 10 Cash receipts from points Total cash receipts $ 0 $ 0 $ 0 CASTOR, INCORPORATED: Skipped Cash Budget April May June Beginning cash balance eBook Total cash available 0 0 0 Less: Cash payments for: Hint Print References Total cash payments Preliminary cash balance Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance-End of month Loan balance April May June $ 3,300