Sales budget for Electro Techno Company for the second quarter given below April May June Total Budgeted sales 200,000 400,000 200,000 900,000 From the past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled 230,000 and March sales totaled 260.000. 1- total cash collected in the quarter as a result of February sales 0 20.000 O 22,500 0 23,000 O 18.000 25.000 ) Nothing mentioned 21.000 16.000 2- total cash collected on May ( ) Nothing mentioned ) O 330,000 0 332,000 0 246.000 O 317.500 0 335.000 0 325.000 244.000 3- total cash collected on the quarter 830,000 O 931,000 O 835,000 ) Nothing mentioned 832.000 1.031.000 850.000 831.000 4- Assume that the company will prepare a budgeted balance sheet as of June 30. The reported accounts receivable as of that date will be: ) Nothingmentioned O 250.000 O 215.000 355.000 420.000 300.000 200.000 5- The continuous budget could be started on January, 1 and ends on December, 31. O True o False