Managment accounting

Budgeting Cindy is considering producing edible cake toppers that she will sell in-store and online. She hopes to start selling this line in February and has provided you with her expectations of sales in dollars. Based on her prior experience, she expects the following collection pattern for its credit sales: - 70 per cent collected in the month of sale - 15 per cent collected in the first month after sale - 10 per cent collected in the second month after sale - 4 per cent collected in the third month after sale - 1 per cent uncollectable. The credit sales have been budgeted for the next seven months of the year, as shown below: Required: a. Cindy would like you to demonstrate how to budget for cash receipts. Using an Excel spreadsheet: 1. Calculate the estimated total cash receipts during June from credit sales. 2. Calculate the estimated total cash receipts during the June quarter (AprilJune) from credit sales during that quarter