Problem #5: Cash Budgeting (32 points) 1. Jepson Corporation prepared the following sales budget for 2022: Month July Expected Sales $100,000 August $150,000 September $210,000 October November December $250,000 $180,000 $170,000 Cash sales and collections on customer accounts are: 5% in the month of sales; 45% one month after sale; 40% two months after sale; and 10% three months after sale. a. Prepare a schedule of estimated monthly cash collections for October through December 2022. (9 points) Month of Sale One Month after Sale Two Months after Sale Three Months after Sale Totals October Supporting Calculations Required in the Individual Boxes No Work = No Credit November December Problem Set #2 Page 13 of 17 b. Calculate the amount of the estimated accounts receivable that the Company would report in its budgeted balance sheet at December 31, 2022. Accounts Receivable December 31, 2022 (2 points) Supporting Calculations Required No Work = No Credit