The Hornet Corporation is a wholesaler of forklifts. Data regarding the operation: Budgeted sales: JAN 2020= $ 420,000 FEB 2020= $ 380,000 MAR 2020= $ 470,000 APR 2020= $ 290,000 MAY 2020=$ 400,000 Expected collections are 45 % in month of sale, 30 % in month following sale, 24 % second month following sale, 1 % predicted uncollectible Cost of goods sold is 50 % of sales The company purchases 70 % of COGS in the month prior to the month of sale and 30 % of COGS in the month of sale. Payment for COGS is made in the month following the purchase. Cash on hand at MARCH 1 = $ 44,000 Selling expenses = $ 15,000 per month paid in cash Administrative expenses = $ 18,000 per month paid in cash Additionally, depreciation expense = $ 10,000 per month OTHER ITEMS: Property taxes of $ 12,000 are paid in MARCH 2020 for the period May 1 2020 through APR 30 2021. Factory equipment of $ 20,000 planned purchase on APR 30 2020 Dividend $ 7,000 scheduled to be paid in APR 2020 REQUIREMENTS: 1) Schedule of cash collections MARCH/ APRIL 2) Schedule of merchandise purchases MARCH/APRIL 3) Cash budget starting MARCH 1 for MARCH/APRIL 4) Income statements for MARCH/APRIL 5) Accounts payable and accounts receivable projected balance at APR 30