Question $3$: Preparing a cash budget $15$ PTS

Leed Company has determined that all sales are on credit and they do not have any cash sales. For the credit sales, experience tells Leed they will collect $60\%$ of sales in the quarter of the sale and the remaining $40\%$ is collected the quarter after the sale $($yes$,$ we understand collecting $100\%$ is unlikely but Leed chooses to budget for $100\%$ collection$).$ Accounts Receivable at the beginning of the year is $$200,000$ and is expected to be collected in the $1$st Quarter. Leed Company prepares the following schedule of planned cash receipts:

$\backslash$table$[[,$Qtr $1],[$Budgeted sales,$$600,000$