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: Budgeted Sales Cash payments for merchandise April $ 30,700 22,800 May $ 41,300 15,500 June $ 25, 300 15,900 Sales are 70% cash and 30% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $13,300 in cash, $13,300 in accounts receivable, $12,300 in accounts payable, and a $3,300 balance in loans payable. A minimum cash balance of $13,300 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% 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 include sales commissions (5% of sales), shipping (2% of sales), office salaries ($6,300 per month), and rent ($4,300 per month). Prepare a cash budget for each of the months 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.) Answer is not complete. CASTOR, INC. Cash Budget For April, May, and June April June Beginning cash balance $ May 13,300 41,300 X 25,300 X Cash sales Collections on account 13,300 $ 30,700 X 13,300 57,300 Total cash available Cash payments for: Merchandise 22,800 15,500 > 15,900 Sales commissions 3,070 X 614 Shipping Office salaries OOOOOO 6,300 Rent 4,300 Interest on bank loan 66 37.150 15,500 15,900 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance > 20,150 X (6,850) X 13,300 Loan balance April May June $ 3,300 Loan balance - Beginning of month Additional loan (loan repayment) 6,850 X Loan balance - End of month $ 10,150 X