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Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. May June $ 24,700 16,500 Budgeted April Sales $ 31,300 $ 40,700 Cash, payments for merchandise purchases 21,600 16,100 Sales are 65% cash and 35% on credit. Sales in March were $24.700. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,700 in cash and $2,700 in loans payable. A minimum cash balance of $12,700 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000. Interest is 2% 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 (5% of sales), shipping (2% of sales), office salaries ($5,700 per month), and rent ($3,700 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.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May Collections of prior period sales $ 31,300 $ 40,700 $ Cash receipts from June 24,700 $ 0 $ 0S 0 Total cash receipts