Question 1 The budgeted sales information for a local retail business is given below: Budgeted Budgeted Credit sales Cash sales $ March April May June 50,000 $ 55,000 30,000 40,000 10,000 12,000 11,000 13,000 Collections on credit sales average 20 percent in the month of sales and the remaining 80 percent in the month following the sales. Cost of sales (purchases) averages 70% of total sales revenue. Forty percent of cost of sales is on cash basis, and sixty percent is paid in the month following purchases. In April, the company plans to sell some old equipment and estimates it will received $5,000 from the sale. Required: Show the cash receipts for the month of April, May and June