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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 $3e, 3e8 $41,7e8 $25,788 23,688 15,188 15,588 Sales Cash payments for merchandise Sales are 75% cash and 25% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet Includes balances of $13,700 In cash, $13,700 In accounts recelvable, $11,000 In accounts payable, and a $3,700 balance In loans payable. A minlmum cash balance of $13,700 is requlred. Loans are obtalned 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, lf an excess balance of cash exists, loans are repald at the end of the month. Operating expenses are pald In the month Incurred and Include sales commissions (5% of sales), shipping (4% of sales), office salaries ($4700 per month), and rent ($6,700 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 wlth minus sign. Round your final enswers to the nearest whole doller.) ASTOR, INC Cash Budget For April, May, and June April May Beginning cash balance 13.700 Total cash available Cash payments for: Total cash payme nts Preliminary cash balance Ending cash balance Loan balance April May Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month 3.700

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