8 Saved Help Save & Exit Submit Check my work Flowerama specializes in floral arrangements and experiences its highest sales and delivery volume on February 14. Below is the first quarter sales budget for Flowerama: Budgeted sales (all on account) January $350,000 February $550, eee March $199,000 Total $1,890, eee From prior years data, the company predicts that 25% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% 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 $280,000, and December sales totaled $310.000 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 Prev 1 of 6 FI Next O arch DI 1% E * ON 3 OVE GEX 1 Check Complete this question by entering your answers in the tabs below. Required 1 5 s Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the first quarter. a Book Schedule of Expected Cash Collections January February March Hint Total Print $ 0 ferences 0 November sales December sales January sales February Sales March Sales Total cash collections 0 0 $ 0S 0 $ 0 0 0 $ Required 1 Required 2 > C aw Prev 1 of 6 # Next > here to search o . apter 8 Saved Help Sa 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 What is the accounts receivable balance on March 31st? Total accounts receivable at March 31 5