Let's assume you are starting a new business on January 1. You will make all your sales on account (accounts receivable). You predict the first month's sales will be $30,000 with monthly increases of 3% after that. You predict that your collections on your sales will be 25% during the current month, 55% during the next month, 20% during the following month (bad debt expense is not material). What will be your cash collections during Apri? (The months of January and February are completed for you in the table below.) January $30.000 $7,500 $O S0 $7,500 February March April Sales Current Collections Collections 30 days old Collections 60 days old Total Cash Collections S30,900 $7,725 S16,500 $0 $24,225