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Barbara Jones, Concord & Michael Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. January February March Quarter Budgeted revenue $ 648,000 $ 729,000 $ 837,000 $ 2,214,000 The company makes all sales on credit. Barbara recently reviewed the company's collection history and found that 72% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 2% of sales are uncollectible. The company expects to have a net accounts receivable balance of $ 98,200 on January 1, and this amount represents the remaining receivables from December's sales. Prepare Concord & Michael's cash receipts budget for the first quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) January Cash Receipts Budget February March December credit sales Total Cas! $ $ January sales Cash Receipts Budget January February March Total Cas! December credit sales $ $ $ anuary sales February sales March sales 1 Totals $ $ $ termine the Net Accounts Receivable at the end of the quarter. Assume that there are no outstanding accounts receivable and owance for doubtful accounts balances at the beginning of December for the prior year. Het Accounts Receivable

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