The Amazing Accounting Race Nordic Company prepares a quarterly budget. Nordic Company's management is currently working on the budget for the second quarter. Their balance sheet for March 31, 2023 is below: Nordic Company Balance Sheet March 31, 2023 Assets Cash $ 9,000 Accounts Receivable 48,000 Inventory 12,600 Buildings & equipment (net) 214,100 Total Assets $283,700 Liabilities & Owners' Equity Liabilities Accounts Payable Owners' Equity Capital Stock Retained earnings Total liab. & Owners' equity $ 18,300 190,000 75,400 $283,700 Clue #1-Sales Budget The marketing department has estimated sales in units as follows: March (actual) April May June 12,000 14,000 17,000 18,000 10,000 The selling price of each unit is $5 What are the total sales budgeted for the second quarter Hints for Clue #1 Hint #1: Sales are reported in dollars Hint #2: How many months are in a quarter Hint #3: Check figure: May sales 585.000 Clue #2- Cash Collections Schedule Sales are 20% for cash and 80% on credit All payments on credit sales are collected in the month following the sale The accounts receivable at March 31 are a result of March credit sales What is the expected amount of cash to be collected in June? (Hint: You may want to calculate April and May also to help you later in the race] Hints for Clue #2 Hine #1: Carefully consider the timing of the CASH payments Hint #2: Organize the information into a complete schedule Hint #3: Check figure: April collections $62,000