Prepare a Cash Receipts Schedule for One Quarter The Arauz Company is preparing a cash receipts schedule for the first quarter of 20X8. Sales for November and December of 20X7 are expected to be $30,000 and $50,000, respectively. Budgeted sales for the first quarter of 20X8 are presented here. Fifteen percent of sales are for cash, the remaining 85% are on account. Twenty percent of the sales on account are collected in the month of the sale, 50% in the month following the sale, and the remaining 30% in the second month following the sale. There are no uncollectible accounts receivable. Prepare a cash receipts schedule for the first quarter of 20X8