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 $ 44,800 May $ 56,000 June $ 33,600 28,280 23,520 24,080 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.) Cash receipts from Total cash receipts CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May June $ 44,800 $ 56,000 $ 33,600 CASTOR, INCORPORATED Cash Budget Total cash receipts CASTOR, INCORPORATED Cash Budget April May June Beginning cash balance. Total cash available Less: Cash payments for: 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 2,800