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Sheridan Company prepares monthly cash budgets. Relevant data from operating budgets for 2023 are as follows: All sales are on account. Sheridan expects collections to be 50% in the month of sale, 40% in the first month following the sale, and 10% in the second month following the sale. It pays 30% of direct materials purchases in cash in the month of purchase and the balance due in the month following the purchase. Other data are as follows: The compary expects its cash balance on January 1, 2023, to be $49,000. It wants to maintaina minimum cash bahance of $40,000. Prepare schedules for (1) the expected coliections from customers