B- XYZ Company manufactures and sells fertilizer products. It wants to prepare cash budget for the second quarter of the year 2020 (April, May and June). It has estimated the following information:

(2) Credit sales are collected as follows:

50% in the same month of sale

30% in the month following sale

20% in the second month following sale

Required:

1- Prepare the cash collection schedule (Cash and Credit) for the second quarter [Apr June] (10.5 marks)

2- Calculate the expected cash balance at the end of April, assuming cash balance on 1st April is expected to be $ 20,000 and the expected cash expenses during April would be $24,000 and the expected cash purchases during April would be $110,000. (4.5 marks)