Papst Company is preparing its cash budget for the month ofMay. The following information is available concerning its accounts receivable [based on sales made to customers on open account): Actual credit sales for March 5 156,666 Actual credit sales for April 5 262,666 Estimated credit sales for May 5 282,666 Estimated collections in the month of sale 25% Estimated collections in the first month after the month of sale 66% Estimated collections in the second month after the month of sale 16% Estimated provision for bad debts (made in the month of sale) 5% The firm writes off all uncollectible accounts at the end of the second month after the month of sale. Required: Determine for Papst Company for the month of May: 1. The estimated cash receipts from accounts receivable collections. 2. The gross amount ofaccounts receivable at the end ofthe month (after appropriate writeoff of uncollectible accounts). 3. The net amount of accounts receivable atthe end ofthe month. 4. Recalculate requirements 1 and 2 under the assumption that estimated collections in the month of sale equal 60% and in the first month following the month of sale equal 25%. Estimated cash receipts 2. Gross accounts receivable 3. Net accounts receivable 4a. Estimated cash receipts . Gross accounts receivable