Smith Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Smith Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 25% received two months after the sale 15% of the credit sales are never received November sales for last year were $95,000, while December sales were $125,000. Projected sales for the next three months are as follows: January sales February sales March sales Requirement $145,000 130,000 $ 175.000 Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar) Cash sales Collections on credit sales Smith Corporation Cash Collections Budget For the Months of January through March January