QUESTION 1 - 7 MARKS You are the owner of a new, BBQ and Patio Accessories Store in Calgary. You have budgeted the following information regarding next years operating results and cash flow patterns: Sales Type Credit card sales % of Total 55% Cash sales Sales on account 25% 20% Collection Pattern 70% in the quarter of sale 30% in the quarter following sale 100% in the quarter of sale 65% in the quarter of sale 25% in the quarter following sale 10% in the 2nd quarter following sale Total Budgeted Sales: 1st quarter 2nd quarter 3rd quarter 4th quarter 450,000 365,000 260,000 560.000 Required: Based on the above information prepare a schedule of budgeted cash collections for the 3rd quarter