Budgeted Sales Revenues January $ 57,000 February 75,000 March 98,000 April 88,000 May 60,000 June 34,000 Past experience has indicated that 80% of sales each month are on credit and that collection of credit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. The other 5% is uncollectible. Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June. (Do not leave arty answer field blank Enter O for amounts.) MARIGOLDDEVELOPMENT, INC. Expected Cash Receipts from Sales For the Quarter Ended June 30 April May June February Sales Credit Sales $ 3000 $ 0 0 March Sales Credit Sales 21600 3600 0 April Sales Credit Sales 38400 19200 3200 Cash Sales 16000 0 0 May Sales Credit Sales 28800 14400 Cash Sales 12000 June Sales Credit Sales O 16800 Cash Sales O 7000 Total Cash Receipts $ 79000 $ 63600 $ 41-400