Problem #7: Operating Budgets Marker Products, Inc. sells all of its products on credit. The company expects to collect 65% of sales in the quarter of sale and 35% the quarter following the sale. Accounts receivable at the end of last year totaled $3,000,000, all of which will be collected in the first quarter of the coming year. Marker's sales budget shows the following projected sales revenues: Quarter 1: Quarter 2: $8,800,000 $11,000,000 Quarter 3: $11,440,000 Quarter 4: $10,560,000 Required: Prepare a budget for cash collections from sales for each of the four quarters.