26 marks Budgeting QUESTION 1 The Doley Company, has planned the following sales for the next three March Part 1 months February January Budgeted Sales Sales are made 20% for cash and 80% on tha company ha pattern: account. From experience, the t a month's sales on account are collected according to the following Month of Sale First month following month of sale Second month following month of sale 60% 30% 896 2% Uncollectible The company requires a minimum cash balance of $5,000 to start a month. TI cash balance in march is budgeted to be $6,000 Required: a) Compute the budgeted cash receipts for March (5 Marks) Cash Sales Collections on account: May April otal cash receipts