Cash Receipts The sales budget for Perrier Inc. is forecasted as follows: Sales Month Revenue June July August $100,000 170,000 180,000 120,000 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 1 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $27,000, of which $6,000 represents uncollected March sales and $21,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections