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 $ 49,600 May 562,000 June $ 37,200 31,310 26,040 26,660 Sales are 50% cash and 50% on credit. Sales in March were $37,200. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $18,600 in cash and $3,100 in loans payable. A minimum cash balance of $18,600 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $18,600. 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 $18,600 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 ($7.750 per month), and rent ($4,650 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 Sales April May June $ 49,600 $ 62,000 $ 37.200 Cash receipts from Cash sales $ 24,800 $ 18,600 $ 11,160 Collections of prior period sales - 26,040 24,800 18,600 Total cash receipts $ 50,840 $ 43,400 $ 29,760 CASTOR, INCORPORATED Cash Budget April May June Beginning cash balance $ 18,600 $ Add: Cash receipts from sales 50,840 18,600 43,400 29,760 < Prev 12 of 12 Next >