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Patricks Retail Company is planning a cash budget for the next three months. Estimated sales revenue is as follows:MonthSales RevenueMonthSales RevenueJanuary$ 2 5 0 ,

Patricks Retail Company is planning a cash budget for the next three months. Estimated sales revenue is as follows:MonthSales RevenueMonthSales RevenueJanuary$ 250,000March$ 400,000February350,000April375,000All sales are on credit; 75% is collected during the month of sale, and 25% is collected during the next month. Cost of goods sold is 70% of sales. Payments for merchandise sold are made in the month following the month of sale. Operating expenses total $125,000 per month and are paid during the month incurred. The cash balance on February 1 is estimated to be $55,000.Prepare monthly cash budgets for February, March, and April.

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