1. Band Instruments Company has the following sales budget for the first three months of the current year: Month Sales Revenue January $600,000 February 150,000 March 440,000 Historically, the following trend has been established regarding cash collection of sales: 65 percent in month of sale 25 percent in month following sale 8 percent in second month following sale 2 percent uncollectible The company allows a 2 percent cash discount for payments made by customers during the month of the sale. November and December sales were $100,000 and $200,000, respectively. Required: Prepare a schedule of budgeted cash collections from sales for January, February, and March.

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