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 $ 60,800 38,380 May $76,000 31,920 June $ 45,600 32,680 Sales are 50% cash and 50% on credit. Sales in March were $45,600. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $22.800 in cash and $3,800 in loans payable. A minimum cash balance of $22,800 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $22,800. 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 $22,800 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 ($9,500 per month), and rent ($5,700 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.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May June $ 60,800 $ 76,000 $ 45,600 Sales Cash receipts from Cash sales 38,380 Collections of prior period sales Total cash receipts 38,380 Beginning cash balance Total cash available Less: Cash payments for: Total cash payments Preliminary cash balance Ending cash balance CASTOR, INCORPORATED Cash Budget April May June Loan balance-Beginning of month Additional loan (loan repayment) Loan balance - End of month Loan balance April May June $ 3,800