The Plantd' Company's budgeted sales for the first quarter of 2020 are as follows: N$ January February March 400,000 320,000 480,000 Total 1,200,000 Credit sales are normally collected as follows: Percent (%) Page 5 of 7 50 30 In the month of sale The month following the sale The second month following the month of the sale Total 20 100 The firm's beginning balance of accounts receivable is N$150,000 and is composed of the following: N$ From December 2019 sales 100,000 From November 2019 sales 50,000 Total 150,000 The company offers a 2% cash discount to its wholesale customers who pay their bills within the month of sale. REQUIRED: MARKS 4.1 What is a cash budget? 1 4.2 4 4.3 13 Compute the amount of sales for November and December. Prepare a cash budget of cash collections for each month of the first quarter of 2020 and a total for the quarter. Calculate the balance of accounts receivable at March 31, 2020. Name four (4) benefits for the company of using a cash budget. 4.4 4.5 3 4