Please show all of your work and steps you took to get the answers. Please do not just post an excel sheet as the asnwer, actually explain the reasoning and steps you took to get your answers, thanks.Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts

receivable $($based on sales made to customers on open account$)$:

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:

The estimated cash receipts from accounts receivable collections.

The gross amount of accounts receivable at the end of the month $($after appropriate write$-$off of uncollectible accounts$).$

The net amount of accounts receivable at the end of the month.

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 $25\%.$