B ABC Corporation is a manufacturing Company. The following information concems operations for 2021: 1. The company's single product sells for $8 per unit. Budgeted unit sales for the next four quarters are as follows (all sales are on credit): Budgeted unit sales Quarter 1 Quarter 2 Quarter 3 Quarter 4 40,000 60,000 100,000 50,000 J 2. Sales are collected in the following pattern: 70% in the quarter the sales are made, and the remaining 30% in the following quarter. On January 1, 2021, the company's balance sheet showed $75,000 in accounts receivable, all of which will be collected in the first quarter of the year. Bad debts are negligible and can be ignored. Required: 1- Prepare the sales budget for the 2021. 2- Prepare the expected cash collections schedule for 2021. 3- What is the expected accounts receivable balance on December 31, 2021? (13 marks) The following have been takes from a manufacturing company for the year 2020