Records for Crandon, Inc show past sales to be January $300,000; February $340,000; and March $360,000.

Budgeted sales April $400,000; May $500,000; and June $600,000.

All sales are on credit. Collections of credit sales follows

--- 70% in the month of sales

--- 25% in the month following sales

--- 5% in the second month following sales

The company gives a 2.5% cash discount to customers paying in the month of sale.

Required:

(a) Prepare a schedule of cash receipts budget for the second quarter.

(b) Collections for April. _________

(c) Collections for May. _________

(d) Collections for June. _________

(e) What will the Accounts Receivable balance be on June 30? _________