Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account):

Estimated cash receipts _ Gross accounts receivable _ Net accounts receivable _ Estimated cash receipts _ Gross accounts receivable _ Actual credit sales for March $190,000 Actual credit sales for April $244,000 Estimated credit sales for May $354,000 Estimated collections in the month of sale 25% Estimated collections in the first month after the month of sale 50% Estimated collections in the second month after the month of sale 10% Estimated provision for bad debts (made in the month of sale) 5%