Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. April $ 31,700 May $ 40,300 Budgeted Sales Cash payments for merchandise purchases June $ 24,300 20,800 16,500 16,900 Sales are 60% cash and 40% on credit. Sales in March were $24,300. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,300 in cash and $2,300 in loans payable. A minimum cash balance of $12,300 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $12,000 at ma th-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sale ommissions (5% of sales), shipping (3% of sales), office salaries ($5,300 per month), and rent ($3,300 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 31,700 $ 40,300 June Cash sales X $ $ 24,300 Cash receipts from Cash sales 24,180 14,580 Collections of prior period sales Total cash receipts 19,020 9,720 28,740 12,680 36,860 16,120 30,700 $ $ $ CASTOR, INCORPORATED Cash Budget April May June Beginning cash balance $ 12,300 $ 12,300 $ 14,584 36,860 Add: Cash receipts from sales Total cash available 28,740 41,040 30,700 45,284 49,160 Less: Cash payments for: Merchandise 16,500 16,900 20,800 1,585 Sales commissions 1,215 951 Shipping Office salaries PO 2,015 1,209 5,300 5,300 5,300 Rent 3,300 3,300 3,300 Interest on loan 634 X 122 X 0 32,570 28,446 27,444 8,470 X 17,840 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 3,830 X 20,714 (6,130) X 14,584 X 0 12,300 17,840 Loan balance April May June $ 2,300 6,130 Loan balance - Beginning of month Additional loan (loan repayment) 3,830 X (6,130) 0 Loan balance - End of month $ 6,130 X 0 $ 0