$470,000 $670.000 $230,000 Budgeted sales (all on account) 31.570,000 From prior years data, the company predicts that 25% of a month's sales are collected in the month of sale, another 65% are collected In the month following sale, and the remaining 10% are collected in the second month following sale Bad debts are negligible and can be ignored. Prior years sales are as follows: November sales totaled $400,000, and December sales totaled $430,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the first quarter 2. What is the accounts receivable balance on March 31th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the first quarter Total 117 500 November sales December sales January sales February Sales March Sales Total cash collections Schedule of Expected Cash Collections January February March $ 117,500 $ 279,500 167,500 40,000 305,500 57,500 43,000 435,500 47.000 5 437000 S 516,000 $ 540,000 $ 447.000 403,000 478,500 47,000 1,493,000 (Requins Required 2 >