MUST USE EXCEL Scarecrow Supplies expects its revenues and payments for the first part of the year to be: Sales Purchases Jan. $14,000 $81,000 Feb. 20,000 21,300 Mar. 26,000 19,100 April. 22,000 22,400 May 18,000 14,700 Seventy percent of the firm's sales are on credit. Past experience shows that 40 percent of accounts receivable are collected in the month after sale, and the remainder are collected in the second month after sale. Prepare a schedule of cash receipts for March, April, and May. Scarecrow's pays its payments in the following month. Scarecrow's had a cash balance of $2,000 on March 1, which is also its minimum required cash balance. There is an outstanding loan of $2,000 on March 1. Prepare a cash budget for March, April, and May.