Brown Limited is a manufacturer of wallets. The company's peak sales occur in September of each year. The following is the company's sales budget for the second quarter: AugustSeptember October Total From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. June sales totalled $460,000, and July sales totalled $520,000. Required: (a) Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. (5 marks) (b) Assume that the company will prepare a budgeted balance sheet as of October 31. Compute the accounts receivable as of that date. (3 Marks) (c) Discuss some of the major benefits to be gained from budgeting. (4 Marks)