Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. April $ 38,400 May $ 48,000 June $ 28,800 Budgeted Sales Cash payments for merchandise purchases 24, 240 20,160 20,640 Sales are 50% cash and 50% on credit. Sales in March were $28,800. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $14,400 in cash and $2,400 in loans payable. A minimum cash balance of $14,400 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $14,400. 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 $14,400 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 ($6,000 per month), and rent ($3,600 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 $ 38,400 $ 48,000 June $ 28,800 Cash receipts from Total cash receipts $ 0 $ 0 $ 0 CASTOR, INCORPORATED Cash Budget April May June Beginning cash balance Total cash available 0 0 Less: Cash payments for: Total cash payments Preliminary cash balance Ending cash balance Loan balance April May June Loan balance - Beginning of month $ 2,400 Additional loan (loan repayment) Loan balance - End of month