Problem #7 - 5marks M&H Ltd.'s sales are all on account to customers. The company's collection pattern is: 40% collected in the month of sale; 50% collected in the month following sale; and the remaining 10% is uncollectible. The accounts receivable balance on March 31 was $70,000, all of which was collectible. The cash balance at the beginning of April was $124,000. Forecasted sales information follows: Forecasted sales for January $100,000 Forecasted sales for February 90,000 Forecasted sales for March 95,000 Forecasted sales for April 110,000 Forecasted sales for May 130,000 Determine the amount of cash to be collected during the month of March