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Please followeaxact chart layout Castor, Inc. is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for

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Please followeaxact chart layout

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: June May $30,400 $41.600 $25.600 Budgeted sales Budgeted cash payments for merchandise 23.400 15,200 5.600 Sales are 75% cash and 25% on credit. All credit sales are collected in the month following the sale. The March 30 balance sheet includes balances of $13.600 in cash, $13,600 in accounts receivable. $11.000 in accounts payable, and a $3,600 balance in loans payable. A minimum cash balance of S13,600 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), shipping (2% of sales), office salaries (S4,600 per month) and rent ($6.600 per month). Prepare a cash budget for each of the months of April, May. and June. CASTOR, INC Cash Budget For April, May, and June April May June s 13,600 S 13600 Beginning cash balance Cash sales Total cash available Cash disbursements Total cash disbursements Preliminary cash balance Ending cash balance Loan balance April May June S 3600 Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month

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