70 . Eddie's Bar and Restaurant Supplies expects its revenues and payments for the first part of the year to be Sales Payments SHI OHIO STOOD Ful 20 CHA ) 21301 Mar IN THAT 19 100 April 22009 22,400 Man OOD 14 701 Seventy percent of the firm's sales are on credit Past experience shows that 40 percent of accounts receivable are collected in the month after sale , and the remainder are collected in the econd month after sale . Prepar e a schedule of cash receipts for March April , and May . Eddie's pays its payments in the following month . Eddie's had a cash balance of $2 000 on March 1 , which is also its minimum required cash balance . There is an outstanding loan of $2 , 000 on March 1 Prepare a cash budget for March , April , and May