I 18. Label this problem "Smith." Prepare a cash collections schedule by hand, then answer the questions. The Smith Company has the following budgeted sales. Cash Sales April 72,000 May 80,000 Credit Sales 320,000 300,000 Credit sales are collected based on the following 30% collected in the month of the sale June 90,000 350,000 60% collected in the month following the sale Remainder collected in the second month following the sale 1. How much of April's cash sales will be collected in April? 2. How much of May's credit sales will be collected in April? 3. How much of June's credit sales will be collected in July? 4. How much of July's cash sales will be collected in July? 5. What is April's total cash collection? 6. What is July's total cash collection? July 70,000 400,000