Please do not give solution in image format thanku Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for thenext three months follow.BudgetedSalesCash payments for merchandisepurchasesAprilMay$ 44,800$ 56,00028,28023,520Sales are 50% cash and 50% on credit. Sales in March were $33,600. All credit sales are collected in the month following thesale. The March 31 balance sheet includes balances of $16,800 in cash and $2,800 in loans payable. A minimum cash balanceof $16,800 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $16,800.Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminarycash balance above $16,800 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurredand include sales commissions (10% of sales), shipping (2% of sales), office salaries ($7,000 per month), and rent ($4,200 permonth).(a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, May.and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your finalanswers to the nearest whole dollar.)Cash receipts fromTotal cash receiptsCash receipts fromTotal cash receiptsCASTOR INCORPORATEDSchedule of Cash Receipts from SalesAprilBeginning cash balance$ 44,800 $Total cash availableLess: Cash payments for:0 $CASTOR, INCORPORATED$May(a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, Mand June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round youranswers to the nearest whole dollar.)CASTOR INCORPORATEDSchedule of Cash Receipts from SalesApril$ 44,800 $0 $CASTOR, INCORPORATEDCash BudgetApril56,000 $00$June$ 33,60024,080MayJuneMay56,000 $33,60000 $oJune33,600June00

Cash Budget is the detailed statement of cash receipts and disbursements for a particular period. It…

month). (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.) Cash receipts from Total cash receipts Cash receipts from Total cash receipts CASTOR INCORPORATED Schedule of Cash Receipts from Sales April Beginning cash balance S Total cash available Less: Cash payments for: $ 44,800 $ CASTOR, INCORPORATED 0 $ $ $ (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, Mi and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollar.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May 44,800 $ 0 $ CASTOR, INCORPORATED Cash Budget April 56,000 $ 0 0 $ May June May 33,600 56,000 $ 0 0 $ 0 June 33,600 June 0 0

month). (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.) Cash receipts from Total cash receipts Cash receipts from Total cash receipts CASTOR INCORPORATED Schedule of Cash Receipts from Sales April Beginning cash balance S Total cash available Less: Cash payments for: $ 44,800 $ CASTOR, INCORPORATED 0 $ $ $ (a) Prepare a schedule of cash receipts from sales for April, May, and June. (b) Prepare a cash budget for each of April, Mi and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollar.) CASTOR INCORPORATED Schedule of Cash Receipts from Sales April May 44,800 $ 0 $ CASTOR, INCORPORATED Cash Budget April 56,000 $ 0 0 $ May June May 33,600 56,000 $ 0 0 $ 0 June 33,600 June 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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