Question 5 MFS Company has projected sales and production in units for the second quarter of the coming year as follows: April May June Sales 5,500 4,500 6,500 All units are sold on account for $16 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on 1st April totalled $52,000 ($10,000 from February's sales and the remainder from March). (Hint: you need to consider carefully how much of the total $52,000 will be collected in April and May respectively] Prepare a schedule of cash receipts for the MFS Company for the months of April and May. (12 marks)