Magna Corporation has the following sales budget:

Month

Cash Sales

Credit Sales

Jan

$16,000

$68,000

Feb

20,000

80,000

March

18,000

74,000

April

24,000

92,000

May

22,000

76,000

Collections are 40% in the month of sale, 45% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible.

Required:

Prepare a schedule of cash collections for March through May.