Bakery has budgeted sales revenues as follows: April May Credit sales $$48,600$ $$51,840$ Cash sales $12,96017,280$ Total sales $$61,560$ $$69,120$ Past experience indicates that $40\%$ of the credit sales will be collected in the month of sale, and the remaining $60\%$ will be

collected in the following month. Purchases of inventory are all on credit, and $20\%$ will be paid in the month of purchase with the balance paid in the month following purchase. Budgeted inventory purchases are: April $$36,720$ May $39,960$ Other budgeted amounts include: $($a$)$ selling and administrative expenses of $$26,784$ each month and $($b$)$ dividends of $$8,856$ to be paid in May. Included in the selling and administrative expenses is depreciation expense of $$2,052.$ The company wishes to maintain a minimum cash balance of $$4,320$ at the end of each month. The company borrows money from the bank at $4\%$ interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on May $1$ was $$4,860.$ Money is borrowed in $$108$ increments. Prepare separate schedules for expected collections from customers. Schedule of Expected Collections from Customers Credit sales: April $ May Cash sales during May Total collections