Magna Corporation has prepared the following sales budget:

Month

Cash Sales

Credit Sales

Jan

$16,000

$68,000

Feb

20,000

80,000

March

20,000

74,000

April

26,000

92,000

May

24,000

76,000

Collections are 30% in the month of sale, 50% in the month following the sale, and 10% two months following the sale. The remaining 10% is expected to be uncollectible.

Required:

Prepare schedule of cash collections for March through May.