Cash Receipts Budget: All sales are on account. Johnson's collection pattern is: 8. 50 percent collected in month of sale .30 percent collected in month after sale 20 percent collected in the second month after sale June sales were $350,000. Accounts receivable on June 30 is $175,000, all of which is collectible. Required: Prepare a cash receipts budget (schedule of cash receipts) and highlight your answer for the following questions: I. How much total cash is Johnson Inc. expecting to receive in the month of July? 2. How much total cash is Johnson Inc. expecting to receive in the month of August 3. How much total cash is Johnson Inc. expecting to receive in the month of September? 4. What is the expected accounts receivable balance on September 30, 2017? Check Figure: Total budgeted cash receipts for the quarter-S1,240,750 9. Comprehensive Cash Budget: Johnson Inc. - Additional Information: - Pays a $60,000 cash dividend in August. -Purchases equipment costing $65,000 in July and $50,000 in September - Has a $125,000 cash balance on June 30. - Maintains a $20,000 minimum cash balance. Principal repayments occur at the end of each quarter. Pays annual interest at 10 percent when a principal payment is made. - Required: Prepare a comprehensive cash budget by month and in total for the quarter. Check Figure: Ending cash balance for the quarter- $46,020