Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow, Sales are 50% cash and 50% on credit. Sales in March were $46,800. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $23,400 in cash and $3,900 in loans payable. A minimum cash balance of $23,400 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $23,400. Interest is 1% per month based on the begining-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $23,400 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 ($9,750 per month), and rent ( $5,850 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.) 12 CASTOR, INCORPORATED 10 Cash Budget points eBook Hant Print References