WOOL TOVOIMITU 15,730 26,130 S 11,130 37,260 $ 14,070 29,800 May June 12,200 $ Cash sales $ 20,670 $ Collections of prior period sales 8,470 Total cash receipts $ 29,140 $ CASTOR, INCORPORATED Cash Budget April Beginning cash balance $ 12,200 $ Add: Cash receipts from sales 29.140 Total cash available 41,340 Less: Cash payments for: Merchandise 20,600 Sales commissions 3,180 Shipping 1,272 Office salaries 5,200 Rent 3,200 Interest on loan 22 37,260 49,460 16,000 29,800 45,800 17,000 16,600 4,020 1,608 5,200 3,200 2,420 968 5,200 3,200 0 33,474 30,628 28,788 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 16,000 17,012 Loan balance April May June $ 2,200 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month $ 0 Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow Budgeted April May June Sales $ 31,800 $ 40,280 $ 24,280 Cash payments for merchandise purchases 20,600 16,600 17,600 Sales are 65% cash and 35% on credit. Sales in March were $24,200. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,200 in cash and $2,200 in loans payable. A minimum cash balance of $12,200 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 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 (4% of sales), office salaries ($5,200 per month), and rent ($3,200 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.)