#4) (4 Marks) Pense Corp sells most of their goods on credit to their customers. Since they rely heavily on selling to customers on credit, they project out what they think their cash collections will be to ensure they will have sufficient inflow to pay for ongoing expenses). Use the information below to prepare the cash collection budget for the period of Jan to Mar: Mar Sales (Cash) Sales (Credit) Total Sales in Mth Nov $3,000 $25,000 $28,000 Dec $4,500 $31,000 $35,500 Jan $2,000 $28,000 $30,000 Feb $2,200 $21,000 $23,200 $2,450 $30,000 $32,450 % of Credit Sales Collected in Mth of Sale % of Credit Sales Collected Mth After Sale % of Credit Sales Collected 2 Mths After % of Credit Sales as Bad Debts Total 10.00% 50.00% 30.00% 10.00% 100.00%