Exercise 10.33 Novak Inc. has budgeted sales for the second quarter of $300,000 for April; $500,000 for May; and $600,000 for June. Normally, 20 % are cash sales and 80% of sales are on account. As well, 30% of the sales on account are normally collected during the month of sale, 50% in the following month, and 20 % in the second month following sale. The accounts receivable balance as of April 1 is $250,000. Prepare the schedule of cash collections for the second quarter by month and in total. (Round intermediate calculations and final answers to 0 decimal places, e.g. 15 or 15%. ) Cash Collection Schedule Apr. May Jun. Quarter Total planned sales $ Credit sales Cash sales $ $ $ Credit sales collected during month Credit sales collected one month later Credit sales collected two months later April 1st A/R collected during month April 1st A/R collected following month