Exercise 20-31A Merchandising: Cash budget LO P4 Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow. Dadgeted April June Sales $31,900 $40,100 $24,100 Canh payments for merchandise 20,400 16,700 17,100 May Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,100 in cash, $12,100 in accounts receivable, $11,100 in accounts payable, and a $2,100 balance in loans payable. A minimum cash balance of $12,100 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. I an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and include sales commissions (5% of sales), shipping (4% of sales), office salaries (55,100 per month), and rent ($3,100 per month). Prepare a cash budget for each of the months 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) Answer is not complete. CASTOR, INC Cashbudget For April May, and June April May $ 12.100 10.540 12.780 44.000 Beginning cash balance Cash sales Collections on account Total cash avastable ol