QUESTION 2 (20 marks) Part A (15 marks) The marketing and promotion department of Paul Corporation has submitted the following sales forecast for the upcoming fiscal year 3 Quarter 4h Quarter 15,000 2nd Quarter 1st Quarter 16,000 15,00014,000 Budgeted unit sales The selling price of the company's product is $22.00 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made, 20% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $66,000. Required: (5 marks) 1. Prepare the company's sales budget. 2. Prepare the company's schedule of expected cash collections. (10 marks) Part B (5 marks) Enciso Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $31,000. Budgeted cash receipts total $135,000 and budgeted cash disbursements total $141,000. The desired ending cash balance is $50,000. The company can borrow up to $100,000 at any time from a local bank, with interest not due until the following month. Required: Prepare the company's cash budget for November in good form