1. A Manufacturer made one product Tiles. Sales for the period consists of the following information:
Month $
November 100,000
December 350,000
January 300,000
February 250,000
March 300,000
Balance brought down was $40,000
Purchases of Raw Material: January $ 60,000; February 55,000; and March 60,000.
Purchase equipment $10,000 to be paid for in February; Salary for each month $10,000; Electricity $4000 per month; Rent $12,000 each, Depreciation $5000. Income tax for the year paid in March
$3000.

All Sales are done on credit and collection are collected every quarter.
Collection schedule as follows; 60 percent in the month of sale
30 percent in the month following sale and 20 percent two months following sale.
You are required to prepare:
A: The receivable schedule
B: The Cash Budget for the first Quarter 2021