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Profit Planning & Budgeting Print these pages. Answer each of the following questions, explaining your answers or showing your work. 1. Experience has shown that 50% percent of the sales of Geraghty Company sales are for cash. Monthly sales are budgeted as follows: $280,000 for October, $240,000 for November, and $320,000 for December. The rest are on credit with 70% of the credit sales are collected in the month of sale, 20% in the month following sale, and 5% in the second month following sale. The remainder is expected to be uncollectible. Prepare a schedule of expected cash collections for the month of December