Label this problem "Thompson." Prepare a cash collections schedule by hand, then answer the questions. The Thompson Company has the following budgeted sales. Cash Sales Credit Sales April 71,000 320,000 May 80,000 300,000 Credit sales are collected based on the following 30% collected in the month of the sale 60% collected in the month following the sale Remainder in the second month following the sale June 90,000 350,000 Q1. How much of April's cash sales will be collected in April? July 70,000 400,000 Q2. How much of May's credit Sales will be collected in April? Q3. How much of June's credit sales will be collected in July? Q4. How much of July's cash sales will be collected in July? Q5. What is April's total cash collection? K