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Haas Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2015. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. Required a. & b. October sales are estimated to be $250,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 8 percent per month. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a sales budget and a schedule of cash receipts. October NovemberDecember Sales Budget Cash sales Sales on account Total budgeted sales $ 100,000 108,000 116,640 174,960 $ 250,000 270,000$ 291,600 150,000 162,000 Schedule of Cash Receipts Current cash sales Plus collections from A/R Total collections $ 100,000|$ 108.0001$ 116.640 162,000 $ 100,000 258,000 278,640 150,000