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 $ 31,200 May $ 40, 800 June $ 24,800 21,800 16,000 16,400 Sales are 70% cash and 30% on credit. Sales in March were $24,800. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,800 in cash and $2,800 in loans payable. A minimum cash balance of $12,800 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000. 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 $12,000 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 (4% of sales), office salaries ($5,800 per month), and rent ($3,800 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 June 24,800 Schedule of Cash Receipts from Sales April May Sales $ 31,200 $ 40,800 $ Cash receipts from Cash sales $ 21,840 $ 28,560 $ Collections of prior period sales 7,440 9,360 Total cash receipts $ 29,280 $ 37,920 $ CASTOR, INCORPORATED Cash Budget April May 17,360 12.240 29,600 June