Required Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 2 percent and 4 percent. The results at a growth rate of 1 percent are shown as an example. Sales Budget Jan Cash sales $ 70,000 Sales on account 350,000 Total budgeted sales $420,000 Schedule of Cash Receipts Current cash sales $ 70,000 Plus collections from accounts receivable 336,000 Total budgeted collections $406,000 Feb $ 70,700 353,500 $424,200 Mar $ 71,407 357,035 $428, 442 $ 70,700 350,000 $420,700 $ 71,407 353,500 $424,907 Use the following forms, assuming a growth rate of 2 percent and 4 percent: 2 percent 4 percent Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 2 percent. Sales Budget Growth rate of 2% Feb Mar 72,114 $ 72,835 360,570 364,535 $ Jan 70,000 350,000 420,000 Cash sales Sales on account Total budgeted sales $ $ Schedule of Cash Receipts Current cash sales $ 70,000 Plus collections from accounts receivable 336,000 Total budgeted collections $ 406,000 2 percent 4 percent Calculate the amount of sales and cash receipts for the months of February and March assuming a growth rate of 4 percent. Sales Budget Growth rate of 4% Feb Mar $ Cash sales Sales on account Total budgeted sales Jan 70,000 350,000 420,000 $ Schedule of Cash Receipts Current cash sales $ 70,000 Plus collections from accounts receivable 336,000 Total budgeted collections $ 406,000