Blanchet, Incorporated needs to budget for cash in its upcoming quarter. Below is historical information about cash collections and payments. Sales collected in Cash Sales collected on Credit % of Credit Sales collected in the month of sale % of Credit Sales collected in the following month % of Credit Sales collected two months after the month of sale % uncollectable % of Accounts Payable paid in the month of purchase 3% of Accounts Payable paid in the following month 4 S Projected Sales and Purchases are below. 6 7 Month 8 January 19 February 20 March 21 April 22 May 23 June 24 July 25 Sales 95,000 85,000 62,000 105,000 48,000 56,000 70,000 Purchases 74,000 61,000 28,000 82,000 60,000 29,000 60,000 + 20% 80% 20% 30% 45% 5% 70% 30% Required: Prepare a schedule of cash collections. Prepare a schedule of cash payments. D E