Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150.000 June 175,000 July 160,000 August 200.000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale. 5 percent uncollectible. The company gives a 2% cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $85,000, of which $25,000 represents uncollected March sales and $60,000 represents uncollected April sales. (Hint For collections of March and April receivables, start by determining total sales for the month. Assume the normal sales pattern.) Prepare a schedule of budgeted cash collections from sales for May June, and July. Include a three-month summary of estimated cash collections. Andrew, Inc. Schedule of Budgeted Cash Collections Quarterly by Months May June July Total Total Cash receipts: $ XS