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Exercise 5-23 Laura Falk, Bates & Hill Fabricators' accounts receivablemanager, has just received the company's sales budget for the first quarter January February March Quarter Budgeted revenue $158,400 $308,880 $277,200 $744,480 The company makes all sales on credt Laura recently reve ved the con any's colect on his ry and ound at 7 % of the sales are collected in the month o the sale, 26% of sales are co e ted in the month company expects to have an accounts receivable balance of $42,120 on January 1, and this amount represents the remaining receivables from December's sales lowing te sale, and 4%of sales are un et le The receivables from D Prepare Bates & Hil's cash receipts budget for the first quarter (Round answers to O decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter o) Cash Receipts Budget February March December credit sales anuary sales February sales March sales Totals Caloulate accounts receivwable balance at the end of the month of March Accounts Receivable balance Question Attempts: O of 15 used SAVE FOR LATER