Answered Essay: Castor, Inc. is preparing its master budget for the quarter ended June 30. Budgeted sales and cash p

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 May June
  Budgeted sales $ 30,200 $ 41,800 $ 25,800
  Budgeted cash payments for merchandise 23,800 15,000 15,400

 

Sales are 80% cash and 20% on credit. All credit sales are collected in the month following the sale. The March 30 balance sheet includes balances of $13,800 in cash, $13,800 in accounts receivable, $11,000 in accounts payable, and a $3,800 balance in loans payable. A minimum cash balance of $13,800 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), shipping (3% of sales), office salaries ($4,800 per month) and rent ($6,800 per month).

 

Prepare a cash budget for each of the months of April, May, and June.

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