3. Kate the serial entrepreneur, is considering a business venture making apple pies. She will sell her very special pies for $20 each and expects that 20% of her sales will be in cash (to retail customers) and 80% will be on credit (orders from restaurants). December January February March TOTAL SALES $80,000 $70,000 $75,000 $78,000 Cash sales (20% of total) $16,000 $14,000 $15,000 $15,600 Credit sales (80% of total) $64,000 $56,000 $60,000 $62,400 Kate expects to collect 30% of credit sales in the month of sale and the remainder (70%) in the following month. Prepare a schedule of cash receipts for Kate's Pies for January, February, and March. Round to the nearest dollar. (10 points) February March Cash Collections Budget January Cash sales Collections on credit sales 30% in the month of the sale 70% one month after sale Total cash collections (cash and credit)