ACC 222-Managerial Accounting Assignment 3 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on sales: 50% in month of sale 40% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $65,000. Required: Prepare expected cash collections budget for January, February, March, April and May