PROBLEM 1 Trafalgar Inc. had the following budgeted sales for the first half year of 2019: MONTH January February March April May CASH SALES P80,000.00 P75,000.00 P50,000.00 P65,000.00 P70,000.00 P90,000.00 CREDIT SALES P100,000.00 P120,000.00 P90,000.00 P100,000.00 P135,000.00 P180,000.00 June The company is in the process of preparing a cash budget and must determine the expected cash collections by month. There are no transactions in the year 2018. To this end the following has been assembled: Collections on credit sales: 60% in month of sale 30% in the month of sale 10% in the second month following the sale Prepare a cash collection table that shows each month total cash collection