Case Problems: 2. CDVIDIQ Company's sales on account were as follows: a February P 160,000.00 Ir March 100,000.00 0 pril 180,000.00 Experience has shown that such sales are usually collected as follows: 0 Month of sale 20% a Month after sales 50 . Second month after sale 25 I: Never collected and written off in third month after sale 05 100% Required: 1. Compute the budgeted cash collections for May, if May sales on account are budgeted at P 150,000.00. Compute the balance of accounts receivable at April 30. Compute the balance of accounts receivable at May 31. What steps can the company take to reduce the balance in accounts receivable as of May 31\"? Evaluate both the risks and advantages. 50.4553!\