20) Bills Binkies, Inc. sells all of their goods on credit. Bills expects to collect 65% of their sales in the quarter of sale and 35% for the quarter following the sale. Accounts receivable at the end of last year totaled $3,000,000, all of which will be collected in the first quarter of the coming year. Bills never experiences bad debts since his customers always pay! Bill's sales budget shows the following projected sales revenues: First Quarter: $8,800,000 Second Quarter: $11,000,000 Third Quarter: $11,440,000 Fourth Quarter: $10,560,000 A) Prepare a budget for cash collections from sales for each of the four quarters.