Exercise 22-31A (Algo) Merchandising: Cash budget and schedule of cash receipts LO P4 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 $ 48,000 30,300 May $ 60,000 25,200 June $ 36,000 25,800 Sales are 50% cash and 50% on credit. Sales in March were $36,000. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $18,000 in cash and $3,000 in loans payable. A minimum cash balance of $18,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $18,000. 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 $18,000 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 ($7,500 per month), and rent ($4,500 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.)