Question 4 The Excellent Company has planned the following sales for the next two months: February Sales are Actual figures February March April Budgeted Sales $60,000 $80,000 $70,000 Budgeted Sales in Units 6,000 8,000 7,000 From experience, the company has learned that a month's sales on account are collected according to the following pattern: Month of Sale 50% 1st Month following Sale 50% The company requires a minimum cash balance of $5,000 to start a month. The beginning cash balance in March is budgeted to be $8,000. The following additional information has been provided for March: All Cash Expenses (all paid in March) $50,000 Depreciation expense for March $7,000 Dividends paid in March $30,000 Required: a) Compute the budgeted cash receipts for March only. b) Prepare a cash budget in good form for the month of March only, using the information you computed from computations above. The company can borrow in any dollar amount and will not pay interest until April