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: November sales for last year were $95,000, while December sales were $130,000. Projected sales for the next three months are as follows: 20% received in the month of the sale 40% received in the month after the sale 24% received two months after the sale 16% of the credit sales are never received January sales. $ 145,000 February sales. $ 135,000 March sales $ 180,000 Requirement 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.) January Cash sales Collections on credit sales: 20% Month of sale 40% Month after 24% Two months after Enter any number in the edit fields and then click Check