#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: Dec Sales (Cash) Sales (Credit) Total Sales in Mth Nov $3,000 $25,000 $28,000 $4,500 $31,000 $35,500 Jan $2,000 $28,000 $30,000 Feb $2,200 $21,000 $23,200 Mar $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%