Lakeview Inc. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000

Question:

Lakeview Inc. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000 in February, and $35,000 in March. If 20% of sales are for cash, 40% are credit sales paid in the month after the sale, and another 40% are credit sales paid 2 months after the sale, what are the expected cash receipts for March?