May June Sales Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow Rudgeted April $ 31,600 $ 40,400 $ 24,400 Cash payment for morehandises purchases 21,000 16,400 16,800 Sales are 65% cash and 35% on credit Sales in March were $24,400. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,400 in cash and $2,400 in loans payable. A minimum cash balance of $12,400 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-of-the-month loon balance and is paid at each month-end. If a preliminary cash balance above $12,000 at month-end exists, loans are repold from the excess. Expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (2% of sales) office solaries (55.400 per month), and rent ($3.400 per month ta) Prepare a schedule of cash receipts from sales for April, May, and June (6) 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) Juno 24,400 0 0 CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May Sales $ 31,600 $ 40,400 Cash receipts from Cash sales Collections of prior period sales Total cash receipts 0 0 CASTOR, INCORPORATED Cash Budget April May Beginning cash balance Add: Cash receipts from sales Total cash available 0 0 Less: Cash payments for: Merchandise Sales commissions Shipping Office salaries Rent + Interest on loan June 0 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance May June Loan balance - Beginning of month Additional loan (loan repayment) April 2.400 $ Loan balance - End of month