Check my work Flowerama specializes in floral arrangements and experiences its highest sales and delivery volume on February 14. Below is the first quarter sales budget for Flowerama: Budgeted sales call on account) January $340,000 February 5540,000 March Total $170,000 $1,150,000 From prior years data, the company predicts that 20% of a month's sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. Prior years sales are as follows: November sales totaled $270,000, and December sales totaled $300.000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the first quarter 2. What is the accounts receivable balance on March 3? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the first quarter schedule of Expected Cash Collections January February March November 1 December January February Mart Sales Tooth collections $ OS 05 O 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on March 31st? Total accounts receivable at March 31 $ 163,000