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 (all on account) January $430,000 February $630,000 March $200,000 Total $1,260,000 From prior years data, the company predicts that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% 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 $360,000, and December sales totaled $390,000. 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 31th? 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 $ 430,000 630,000 200,000 $ Total November sales 1,260,000 0 December sales January sales February Sales March Sales Total cash collections 0 $ 430,000 $ 630,000 $ 200,000 $ 1,260,000 Required 1 Required 2 Required 1 Required 2 What is the accounts receivable balance on March 31st? Total accounts receivable at March 31