Take Home Practice 5-1 -- Cash Collections Wiley Company Balance Sheet Year Ended December 31, 20x8 Assets Cash Accounts receivable Inventory Plant and equipment (net) Total assets Liabilities and Equity Accounts payable Capital stock Retained earnings Total liabilities and equity $ 500,000 250,000 150,000 700,000 $1.600.000 $ 175,000 675,000 750,000 $1,600,000 Wiley Company has hired you to prepare some budgets for the month of January 20x9. January and February sales are budgeted at $500,000 and $600,000, respectively. Of these sales, 10 percent will be for cash, the remainder will be on credit. Sixty percent of credit sales are collected during the month of the sale, with the remainder collected during the month following the sale. All of the December 31, 20x8, ending accounts receivable will be collected during the month of January. Prepare a schedule of cash collections for January and February 5-6