Your answer is partially correct. Laura Falk, Bates & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. February January $525,000 March Quarter $672,000 $1,785,000 Budgeted revenue $588,000 The company makes all sales on credit Laura recently reviewed the company's collection history and found that 72% of the sales are collected in the month of the sale. 26% of sales are collected in the month following the sale, and 2% of sales are uncollectible. The company expects to have anet accounts receivable balance of 598,200 on January 1, and this amount represents the remaining receivables from December's sales! Prepare Bates & Hill's cash receipts budget for the first quarter (Enter answers in necessary fields only. Leave other felds blank Do not enter Prepare Bates & Hills cash receipts budget for the first quarter. (Enter answers in necessary fields only. Leave other fields blank Do not enter 0 Cash Receipts Budget January February March 378000 $ December credit sales January sales 98200 February sales March sales 476200 559860 $ Totals February March Uncollectible Total Cash Receipts $ $ 559860 Determine the Net Accounts Receivable at the end of the quarter. Assume that there are no outstanding accounts receivable and allowance for doubtful accounts balances at the beginning of December for the prior year