The sales budget for Perrier Inc. is forecasted as follows:

Month	Sales Revenue
May	$ 120,000
June	160,000
July	180,000
August	120,000

To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales:

50 percent in the month of sale.

25 percent in the month following sale.

20 percent in the second month following sale.

5 percent uncollectible.

The company gives a 2 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $24,000, of which $7,000 represents uncollected March sales and $17,000 represents uncollected April sales.

Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections.

Perrier, Inc. Schedule of Budgeted Cash Collections Quarterly by Months
	May	June	July	Total
Total Cash receipts:	$Answer	$Answer	$Answer	$Answer