You are to construct the first quarter master budget based on the following expectations: a. January sales are estimated to be $400,000 of which $100,000 will be cash sales and $300,000 will be on credit. The company expects sales to grow 10% per month for the first few months of operation. Prepare a sales budget for the first quarter. January sales Cash sales Credit sales Projected sales Cash sales Account sales 400,000 100,000 300,000 January 100,000.00 300,000.00 February March 110,000 121,000 330,000 363,000 Budgeted Sales 400,000.00 10% growth / month 440,000 484,000 b. The company expects to collect 100% of accounts receivable in the month following the sale. Prepare a schedule of expected cash receipts for the first quarter. Schedule of cash receipts Account sales Cash sales on current month Account revenue on previous month total budget cash collected January February March 300,000 330,000 363,000 100,000 110,000 121,000 100,000 410,000 Performance Data 300,000 330,000 330,000 451,000 330,000