Exercise - Vaughn/Neff, Ltd. personalizes scrapbooks for customers, using their digital photographs. Each scrapbook sells for $43. Vaughn/Neff collects cash at the time of sale from 36% of customers. Of the remaining sales, 66% are collected in the month of sale and 34% are collected in the month following the sale. The sales budget for the first six months of the year is as follows:
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January
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February
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March
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April
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May
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June
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Budgeted sales
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$139,400
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$110,100
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$112,000
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$114,900
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$112,700
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$126,200
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Prepare Vaughn/Neff's cash receipts budget for the second quarter.