Lesson 9 HW (Graded) i Saved Help Save & Exit Submit Check my work 12 Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. 10 points Budgeted Sales Cash payments for merchandise purchases April $ 30,200 May $ 41, BOO June $ 25,800 23,800 15,000 15,400 cacok Sales are 80% cash and 20% on credit. Sales in March were $25,800. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $13,800 in cash and $3,800 in loans payable. A minimum cash balance of $13,800 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 (3% of sales), office salaries ($6,800 per month), and rent ($4,800 per month). Hint Print (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.) References June 25,800 CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May Sales S 30,200 $ 41,800 $ Cash receipts from Cash sales Collections of prior period sales 5,160 Total cash receipts S 5,160 $ 0 0 $ CASTOR, INCORPORATED Cash Budget April May Beginning cash balance 0 June Lesson 9 HW (Graded) A Saved Help Save & Exit Submit Check my work Tid LTELIS 12 4. 194 CASTOR, INCORPORATED Cash Budget April May June 10 points Beginning cash balance Add: Cash receipts from sales Tolal cash available 0 0 0 ol 0 0 eBook Less: Cash payments for Merchandise Sales commissions Shipping Office salaries Rent Interest on loan Hint Print References Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance April May June $ 3.800 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month