The Lowensohn Company is preparing a cash receipts schedule for the first quarter of 2005. Sales on account for November and December 2004 are expected to be \($320,000\) and \($550,000\), respectively. Budgeted sales for the first quarter of 2005 are presented here.

Expected collection pattern for sales on account:
30 percent in the month of sale 50 percent in the month following the sale 20 percent in the second month following the sale 0 percent uncollectible Required: Prepare a cash receipts schedule for the first quarter of 2005.

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The Lowensohn Company Sales Budget For the Quarter Ended March 31, 2005 Jan Feb Budgeted Cash Sales $120,000 $150,000 Mar $125,000 Total $395,000 Budgeted Sales on Account 180,000 225,000 190,000 595,000 Total Sales $300.000 $375,000 $315,000 $990.000