Company X is preparing its Cash Budget for the month of May. Account Receivable information is as follow (based upon sales made to customers on open account):

1. Actual Credit Sales For March: $130,000
2. Actual Credit Sales for April: $160,000
3. Estimated Credit Sales for May : $210,000
4. Estimated Collections in the month of Sale: 25%
5. Estimated Collections in the First month after the month of sale: 60%
6. Estimated Collections in the Second month after the month of sale: 10%
7. Estimated provision of bad debts (made in the month of sale): 5%

The firm writes off all the uncollectible accounts at the end of the second month after the month of sale.

Question

(1) For May : what is the estimated Cash Receipts from Account Receivables?

(2) For May: what is the gross amount of Account Receivable at the end of the month (after appropriate write off of uncollectable accounts)

(3) For May: what is the net amount of Account Receivable at the end of the month?

(4) For May: Recalculate requirements in (1) and (2) under the assumption that estimated collections in the month of sale equals 60% and in the first month following the month of sale equals 25%

Thank you in advance:)