The Fraley Corporation, a merchandising firm, has planned the following sales for the next three months: 8 20 points April Total budgeted sales $70,000 Max $90,000 June $60,000 Sales are made on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern: Collected in the month of sales... 70% Collected in the first month following the month of sale Collected in the second month following the month of sale. 20% 8% Assume that the account receivable balance on April 1 is $21,000. Of this amount. $15,000 represents uncollected March sales and $6,000 represents uncollected February sales. Required (show supporting calculations to receive credit):. 1.(15 points) Compute the budgeted cash receipts for April, May, and June. 2. (5 points) Determine the balance of accounts receivable on June 30. Edit View Insert Format Tools Table 12pt Paragraph B IUAV th 19 P I