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 April $32,000 May $40,000 June $24,000 Budgeted Sales Cash payments for merchandise 20,200 16,800 17,200 Sales are 50% cash and 50% on credt. A credt sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12.000 in cash, $12,000 in accounts receivable, $11,000 in accounts payable, and a $2.000 balance in loans payable. A minimum cash balance of $12.000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interests per month based on the beginning-of-the-month loan balance and is paid at each month-end. Han 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 10% of sales, shipping 2% of sales, office salaries ($5,000 per month and rent ($3,000 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.) CASTOR, INC Cash Budget For April, May, and June April May Beginning cash balance $ 12,000 June Total cash available Cash payments for: 0 0 Total cash payments Preliminary cash balance May June Ending cash balance Loan balance April Loan balance - Beginning of $ 2.000 month Additional loan loan repayment) Loan balance - End of month