4. CASH COLLECTIONS AND BUDGETED BALANCE SHEET: WhereverltTakesUs, Ltd. budgets total sales for June, July, and August of $750,000, $680,000, and $710,000 respectively. Cash sales are 20% of total sales and the remaining 80% of sales are on credit (i.e. are on account). Of the credit sales, 10% are collected in the month of sale, 75% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. a. Calculate the expected total cash collections in August. b. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of August 31st. (Hint: Determine the amount of July and August credit sales that are uncollected as of August 31)