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 $ 30,400 May $ 41,600 June $ 25,600 23,400 15,200 15,600 Sales are 75% cash and 25% on credit. Sales in March were $25,600. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $13,600 in cash and $3,600 in loans payable. A minimum cash balance of $13,600 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 (2% of sales), office salaries ($6,600 per month), and rent ($4,600 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.) ces June 25.600 CASTOR INC. Schedule of Cash Receipts from Sales April May Sales $ 30,400 $ 41,600 $ Cash receipts from Cash sales Collections of prior period sales Total cash receipts $ 0 $ 0 $ CASTOR, INC. Cash Budget April May June Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for Score answer CASTOR INC. Schedule of Cash Receipts from Sales April May $ 30,400 $ 41,600 June Sales $ 25,600 Cash receipts from Cash sales Collections of prior period sales Total cash receipts S 0 $ 0 CASTOR, INC. Cash Budget April May June Beginning cash balance Add. Cash receipts from sales Total cash available U 0 0 Less: Cash payments for: Sales commissions Shipping Office salaries Rent Interest on loan Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance May June April 3,600 S Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month