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Return to questior Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow May Budgeted April June Sales $ 32.000 $ 60,000 Cash payments for merchandise purchases $ 24,000 20,200 16,800 17,200 Sales are 50% cash and 50% on Credit Sales in March were $24,000. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,000 in cash and $2,000 in loans payable. A minimum cash balance of $12,000 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-ofthe-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 ($5,000 per month), and rent ($3,000 per month) (6) Prepare a schedule of cash receipts from sales for April, May, and June ( Prepare a cash budget for each of April, May, and June (Negative balances and Loan repayment amounts of any) should be indicated with minus sign. Round your final answers to the nearest dollar) Answer is complete but not entirely correct. CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May June 32.000 5 40.000 5 24.000 Sales Cash receipts from June $ 24,000 12,000 30,000 42,000 CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May Sales 32,000 IS 40,000 Cash receipts from Cash sales $ 16,000 20,000 Collections of prior period sales 12,000 16,000 Total cash receipts 28,000 36,000 CASTOR, INCORPORATED Cash Budget April May Beginning cash balance $ 12,000 12.000 Add: Cash receipts from sales 28,000 36.000 Total cash available 40,000 48,000 Less: Cash payments for Merchandise purchases 20,200 16,800 Interest on loan 36 X 77% Sales commissions 3,200 4,000 Shipping 640 800 Office salaries 5,000 5,000 Rent 3,000 3,000 June 12,000 X 42,000 54,000 S 00 17,200 14 2.400 480 5,000 3,000 > Merchandise purchases Interest on loan Sales commissions Shipping Office salaries Rent 20,200 36% 3,200 640 16,800 77 4,000 17,200 14 X 2,400 480 5,000 3,000 800 5,000 3,000 5,000 3,000 32,076 28,094 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 7,924 % 4,076 12,000 29,677 18,323 (6,323) 12,000 25,906 (1,353) 24,554 Loan balance June $ s Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month April 2,000 S 4,076 7,676 S May 7,676 (6,323) 1,353 1,353 (1,353) 0 $ $