Spencer Company has budgeted sales for the upcoming months as follows: February March. April May $ 603,000 $ 623,000 $650,000 $ 674,000 70% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 40% in the month of sale, 50% in the month following the sale, and 10% in the second month following the sale. a. Compute Spencer's cash receipts for April. (Do not round intermediate calculations.) Answer is complete but not entirely correct. Cash Receipts $ 195,000 b. Compute Spencer's cash receipts for May. (Do not round intermediate calculations.) Answer is complete but not entirely correct. b. Compute Spencer's cash receipts for May. (Do not round intermediate calculations.) Answer is complete but not entirely correct. Cash Receipts $ 202,200 c. Compute the accounts receivable balance for May 31. (Do not round intermediate calculations.) Accounts Receivable Balance