Q5 Winter Inc., is in the final stages of preparing its master budget for 2024. m The following data has been provided regarding budgeted sales and the expected collection pattern: all sales are on account March April May June July Budgeted sales in units 18,000 19,000 21,500 22,500 22,000 Sales in dollars $270,000 $285,000 $322.500 $337,500 $330.000 The collection pattern for credit sales has traditionally been as follows: Month of sale 60% First month following sale 40% Additional information: a) The cost of merchandise purchases = 75% of the budgeted sales amount. Also, the company maintains an ending inventory equal to 10% of the next month's budgeted COGs Inventory is purchased on account with 35% paid in the current month and the remainder the following month b) Monthly expenses are budgeted as follows - note all payments are made in the current month Salaries $20,500 per month Utilities $11,000 per month Depreciation $28,000 per month Sales commissions 5% of sales Advertising $14,000 c) The company will pay $30,000 for equipment in May and another $16,000 in June Cash dividends in the amount of $14.100 are paid in March, June, September and December. Required: 1. Prepare a schedule of Expected Cash Collections for the 2nd quarter, and calculate the Accounts Receivable balance at June 30. (5 marks) Winter Inc. Schedule of Expected Cash Collections April May June Quarter Cash Collections Mar sales Cash Collections Apr sales Cash Collections May sales Cash Collections Jun sales Total Cash Collections