Homework 1 Sound Investments, Inc. is a large retailer of stero equipment. The controller is about to prepare the budget for the first quarter os 2013. Past experience has indicated that 75% of the store's sales are cash sales with the remainder being sales on account. The collection experience for the sales on account is as follows: 80% during the month of the sale 15% during the month following the sale 5% uncollectible The total sales for December 2012 is expected to be $380,000. The controller believes that January 2013 sales will range from $200,000 to $320,000. Required 1. Using the following format, project cash receipts for the different levels of sales Total January 2013 Sales $200,000 $260,000 $320,000 Cash Receipts in January From Dec sales on account From Jan Cash sales From Jan sales on account Total cash receipts