Chec 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 April May June Sales $32,000 $40,000 $ 24,000 Cash payments for merchandise 20,200 16,800 17,200 Sales are 50% cash and 50% on credit. All credit 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 Interest is 9% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cosh exists, loons 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. ING CASTOR, INC. Cash Budget For April, May, and June April $ 12,000 May June Beginning cash balance Total cash available Cash payments for: Total cash payments Preliminary cash balance Ending cash balance Loan balance April 2.000 May June $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month