Peak sales for Midwest Products, a wholesale distributor of leaf rakes, occur in August. The company's sales budget for the third quarter showing these peak sales is given below: Required: From past experience, the company has leamed that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following the sale, and the remaining 10% are collected in the second month following the sale. Bad debts are negligible and can be ignored. May sales totaled $430,000, and June sales totaled $540,000. 1.) Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter. 2) Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the accounts receivable as of that date