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E9-33A PREPARE SALES AND CASH COLLECTIONS BUDGETS (Learning Objectives. &3) Horns and More, Ltd., a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $890,000 in October, $950,000 in November, $1,025,000 in December, and $920,000 in January. The company's sales are 25% cash and 75% credit, and collection history indicates that credit sales are collected as follows: Check sum: December credit sales: $768,750 x 0.25 = $192,187.50 25% in the month of the sale 65% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales, 2. Prepare a cash collections budget for December and January. Round all answers up to the nearest dollar. E9-34A PREPARE A BUDGETED BALANCE SHEET (Learning Objective 3) Use the following information to prepare a budgeted balance sheet for Marine.com at