Question 12 Pronghorn Inc. has budgeted sales for the second quarter of $300,000 for April; $535,000 for May; and $610,000 for June. Normally, 20% are cash sales and 80% of sales are on account. As well, 30% of the sales on account are normally collected during the month of sale, 50% in the following month, and 20% in the second month following sale. The accounts receivable balance as of April 1 $250,000. Prepare the schedule of cash collections for the second quarter by month and in total. (Round intermediate calculations and final answers to O decimal places, e.g. 15 or 15%) Cash Collection Schedule Apr. May Jun. Quarter Total planned sales 300000 535000 610000 Credit sales 240000 Cash sales $ Credit sales collected during month Credit sales collected one month later Credit sales collected two months later April 1st A/R collected during month April 1st A/R collected following month