Exercise 4 A company is formulating its plans for the coming year, including the preparation of its cash budget. Historically, the company's sales are 20% cash. The remaining sales are on credit with the following collection pattern: Collections on Account Perc enta ge In the month of sale 25 % 4 0 % In the month following the sale 3 3 In the second month following the sale % Uncollectible 2. 2 % Sales for the first 5 months of the coming year are forecast as follows: January $ 3,000,000 February 3,500,000 March 3,800,000 April 4,300,000 4,200,000 May Required: Compute the total cash receipts from sales and collections on accounts for the month of April